Denver, Colo. – Gates Corp. has announced plans to invest in a new Power Transmission facility in the Izmir Free Trade Zone in Turkey.
According to Gates, the investment will enable the company to benefit from local market growth potential for its automotive business. The plant offers a strategic location from which Gates can further grow markets to the West, East and Middle East, and offers access to a large, entrepreneurial workforce with a long history as a trading nation, said the company.
“Expanding into Turkey allows Gates to meet the product and service needs of the growing European automotive market,” said John Bohenick, president, Gates Corporation. “It’s a dynamic geographic region that has a skilled workforce as well as a strong supply base. In addition, Turkey is growing as a significant market for our customers; their businesses depend on having reliable supplier partners such as Gates.”
This new plant will support the fast-growing demand for oil pumps and tensioners in Europe. Gates plans to break ground in the fourth quarter of 2008 and expects the plant to be operational in early 2010. Gates plans on a workforce of more than 100 associates by 2012. Gordon Hensley has been named director of Powertrain – Europe to assume responsibility for the new site.
