Gates history

But by 1914, a new material was being introduced into many products--rubber--and it was the perfect material for car tires, belts, and hoses because of its flexibility, adhesion, and durability.

In 1917, the company's name was changed to the International Rubber Company to reflect its new direction.

The company was renamed The Gates Rubber Company in 1918.

In 1919, the Gates brothers were forced to develop a new product to take the place of the Half Sole, and the company began manufacturing balloon tires.

The revolutionary Super Tread, so named because of its wider, heavier tread that increased mileage, was introduced during this time, and while tire sales dropped 35 percent nationwide, tire sales for the Gates company increased 40 percent in 1921.

When the stock market crashed in 1929 and the economy plummeted, Gates managed to remain profitable.

The Gates Rubber Company weathered the Great Depression, and, in fact, by 1934, had 2,500 employees, annual sales of $13 million, and a position as the sixth largest rubber company in the United States.

In 1946 the first synchronous belt was developed.

In 1954, Gates opened its first plant outside of Denver in Brantford, Ontario.

In 1958, a second plant outside of Denver was opened, this time in Sioux City, Iowa.

In 1960, Gates opened a tread rubber plant in Chicago and acquired a metal sheave plant in Wichita, Kansas.

By the time Charles Gates Sr. transferred the presidency of the company to his son, Charles C. Gates in 1961, the Gates Corporation had annual sales totaling $136 million.

In 1963, Gates built a belt and hose plant in Erembodegem, Belgium, the first of many European facilities.

In 1967, he acquired the Learjet Corporation, which was in serious financial trouble.

In 1970, Gates undertook a Japanese joint venture, Unitta Company, Ltd., to manufacture synchronous belts for automotive and industrial customers.

In 1980, Gates sales topped $1 billion.

In 1983, Gates acquired Murray Rubber Company and from that purchase created Gates Molded Products.

In 1986, Gates undertook a $20-million expansion of its facilities in Elizabethtown, Kentucky, to produce its Poly Chain GT belts.

In 1987, it acquired Industrias Vulca S.A. of Spain and the V-belt operations of Gates' former Spanish licensee, Firestone Hispania, as well as Scandura's industrial matting and sheeting operation in Scotland.

A new division was launched in 1988 when Gates purchased Spun Steel, Inc., renaming it Gates Power Drive Products, Inc.

In 1990, the rubber division opened another V-belt plant in Spain and a synchronous belt plant in Scotland.

Another economic recession in 1991 halted sales growth again for The Gates Corporation, largely because of declining car sales among Japanese and American automakers whom Gates supplied.

In 1992, this company grossed $54.5 million.

Sales in 1993 totaled about $90 million.

In December 1995, the Foundation changed its name to the Gates Family Foundation.

In 1996, the company was acquired by the British-based engineering firm Tomkins plc, ending 85 years of family ownership.

In 2003, Gates changed its name to The Gates Corporation, a move reflecting the company's expanding range of industrial brands, product lines, and customers.

After an unsolicited approach, in July 2010 Tomkins was acquired by a Canadian consortium of private equity firm Onex Corporation and the Canada Pension Plan Investment Board for £2.9 billion.

While parts of the property had been redeveloped, the original factory remained deserted until November 2013, when demolition of the final factory buildings began.

In July 2014, The Blackstone Group, the world’s largest buyout firm, agreed to acquire The Gates Corporation from Onex Corp. (OCX) and Canada Pension Plan Investment Board for $5.4 billion.

During the past year, the Natural Resources team had the opportunity to spend a significant amount of time and energy reflecting on what was learned over the last five years implementing the Foundation’s 2016-21 strategic plan and looking forward to the next five years.

On December 31, 2018, the Foundation’s endowment, including family funds, was valued at $459.8 million.

In 2019, the education program awarded $2,745,750 in strategic grants to 23 organizations and $214,765 in responsive capital grants to seven organizations.

The conservation of Trinidad’s iconic Fisher’s Peak, formerly known as Crazy French Ranch, which in June 2020 become Colorado’s newest and second-largest state park with more than 19,000 acres of wilderness to explore, which is also expected to drive economic growth in southern Colorado.