Home » Gates Corporation Acquires Equity Stake in Colinx
Gates Corporation Acquires Equity Stake in Colinx
April 6, 2006
Gates Corporation, Denver, CO, has acquired an equity stake in CoLinx, LLC which provides e-business and logistics services. Gates will use CoLinx logistics services in all CoLinx locations in the U.S. and Canada. The Gates on-line store for Industrial Power Transmission products is planned for launch in the second half of 2006. The store will be part of the industrial on-line mall at PTplace.com, joining other premium brands and equity members including Rockwell Automation, The Schaeffler Group, SKF and Timken. The CoLinx system offers Gates Authorized Distributors the convenience of accessing one web site for Gates products and for their other premium brands, thus delivering improved efficiency and responsiveness to the distributor's customers. 'We are pleased to join the ownership group of CoLinx and look forward to a successful working relationship,' said Richard Bell, President of Gates Corporation. 'The combined e-business and logistics expertise of CoLinx offers enhanced service and value to our customers.' CoLinx manages PTplace.com and the PTbroker system-to-system connection, processing over 8 million transactions per year between Manufacturers and their Authorized Distributors. CoLinx logistics services process over one million pounds of freight daily. The company currently employs 480 associates managing 950,000 square feet in 6 service centers across North America. 'We are delighted to have a global leader like Gates become an equity member in CoLinx, and we look forward to having Richard Bell on the CoLinx Board of Directors. Gates Corporation's dedication to growth through Industrial Distributors fits perfectly with our existing membership,' said Don Louis, president and CEO of CoLinx, LLC. 'Fundamental to our business is driving to make our customers more successful,' said John Bohenick, President, Gates Power Transmission Division North America. 'We are confident that CoLinx will provide added value and allow us to accelerate the success of our customers.' Gates Corporation is a wholly-owned subsidiary of Tomkins plc of London, England. Tomkins has an annual turnover in excess of $5 billion and is publicly traded on the London and New York stock exchanges. Tomkins has market and technical leadership across two businesses: Industrial and Automotive and Building Products.