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November, 2004

Kontakt: Ann Sabbe
mediaeurope@gates.com

Gates Corporation finalizes plan to exit the European Automotive hose business

The Gates Corporation has finalized its plans to exit the European Automotive hose business.

The exit plan involved the closure of the St Just facility in Spain and the exit of the Nevers hose operation in France. The closure of the St Just facility was completed in July 2004.

The Nevers operation in France has been acquired by the Greencool Group, a leading group of diversified manufacturing and engineering companies in China. Greencool’s core businesses include Refrigerants, Home Appliances (refrigerators, air-conditioners, washing machines and small home appliances), as well as Coaches, Buses and Automotive Bearings. It employs around 35,000 people.

Richard Bell, President of The Gates Corporation, commented that the sale of the Nevers facility offers a great future for its employees and customers and is a further step in Gates’ strategy to focus on its core activities in Europe.