The Wall Street Journal: Gates Industrial files for IPO; auto-parts maker had $2.75 billion in sales last year

Auto-parts maker Gates Industrial Corp. has filed for an initial public offering, more than three years after private-equity giant Blackstone Group LP bought the business.

Denver-based Gates, which makes power transmission belts and fluid power products, had sales of $2.75 billion last year.

The company previously operated under the Gates Corp. name. In August, The Wall Street Journal reported that Blackstone was considering an IPO of Gates that could value the company as high $9 billion. It isn’t clear whether that includes debt.

Gates plans to list its shares on the New York Stock Exchange under the symbol GTES. The company’s filing Wednesday lists an amount of $100 million but that is a placeholder figure likely to change. Underwriters include Citigroup, Morgan Stanley and UBS.

An expanded version of this report appears on WSJ.com.

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