Auto Service World
News   June 24, 2005   by Auto Service World

Gates Buys Division of German Company

Gates Corp. has acquired Eifeler Maschinenbau GmbH (EMB), a division of Heitag Beteiligung GmbH.
The company makes hydraulic tube connection systems. Terms were not disclosed.
Gates makes automotive and industrial products and systems components, with manufacturing and distribution operations in 20 countries. It has 623 employees in Denver and 13,200 worldwide.
It is best known to the automotive aftermarket as a manufacturer of belts, hoses and related accessory drive components.
Gates is a wholly owned subsidiary of Tomkins plc of London, which also is traded on the London stock exchange.
EMB is based in Euskirchen, Germany, and has subsidiary operations in Spain and China.
The transaction is expected to be completed by July 1.

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