DENVER, Colo., May 1, 2015 (GLOBE NEWSWIRE) -- via PRWEB - Gates Corporation, a portfolio company of Blackstone, has announced the appointment of Ivo Jurek as the company's new CEO. Mr. Jurek will assume his responsibilities on May 18, succeeding Jim Nicol, who will remain on the board as the Vice Chairman.
Mr. Jurek has spent the entirety of his career in the industrials area, both in the US and internationally, holding senior leadership positions at some of the world's leading industrial companies. Immediately prior to assuming his new role at Gates, Mr. Jurek served as President of Eaton's Electrical business in Asia Pacific. Prior to that, he led various Cooper businesses in the US and Asia, and held roles at International Rectifier and TRW Automotive.
Dave Calhoun, Chairman of Gates Corporation and Senior Managing Director and Head of Private Equity Portfolio Operations at Blackstone said, "Ivo is a results-oriented leader who will seek to maintain leadership in quality and performance while accelerating our growth. He has had an impressive track record of success and we look forward to welcoming him to Gates." Jim Nicol commented, "I remain fully committed to the success of Gates and look forward to supporting Ivo and the team in my continuing role as Vice Chairman of the Board."
About Gates Corporation
Gates is the world's leading manufacturer of power transmission belts and a premier global manufacturer of fluid power products. Our highly engineered products are critical components used in diverse industrial and automotive applications where the cost of failure is very high relative to the cost of our products. We provide a differentiated value proposition to our customers by offering a complete portfolio of premium product and service solutions for both replacement and first-fit applications across our targeted end markets, which encompass process and specialty, construction, agriculture, energy, transportation and automotive. We sell our products globally under the Gates brand, which is recognized by distributors, original equipment manufacturers and installers as the premium brand for quality and technological innovation, a reputation which we have built for over a century since our founding in 1911.
About Blackstone
Blackstone is one of the world's leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the broader global economy. We do this through the commitment of our extraordinary people and flexible capital. Our businesses include investment vehicles focused on private equity, real estate, hedge fund solutions, non-investment grade credit, secondary funds, and multi asset class exposures falling outside of other funds' mandates. Blackstone also provides various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory and fund placement services.
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