Gates Industrial Announces Executive Appointment and Share Offering

An update from Gates Industrial (GTES) is now available.

Thomas G. Pitstick has been appointed as the President, Americas for Gates Industrial Corporation plc, effective immediately after his successful tenure as President APAC and Global Strategy. Concurrently, the company has announced a secondary offering of 20 million ordinary shares by affiliates of Blackstone Inc., with an additional 3 million shares option exercised by underwriters. While the company won’t profit from the share sale, it will cover certain offering expenses. Moreover, Gates Industrial is buying back $125 million worth of shares at the same price as the underwriters, following the offering’s expected close on August 21, 2024. This move is part of an ongoing share repurchase program, further indicating active financial maneuvering within the company.

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