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Gates Industrial Files For $100 Mln IPO

Gates Industrial Corporation plc, a global manufacturer of power transmission belts and fluid power products, filed on Wednesday with the SEC to raise up to $100 million in an initial public offering. No pricing terms were disclosed.

The Denver, Colorado based company was founded in 1911 plans to list on the NYSE under the symbol GTES.

After the completion of this offering, affiliates of The Blackstone Group L.P. will continue to own a majority of the voting power of ordinary shares eligible to vote in the election of our directors.

Citi, Morgan Stanley, UBS Investment Bank, Barclays, Credit Suisse, Goldman Sachs and RBC Capital Markets are the joint bookrunners on the deal.

During the nine months ended September 30, 2017, net sales increased 8.7% to $2.26 billion from $2.08 billion last year. According to the filing, net income was $52.5 million, compared to $69.0 million in the prior year period.

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