Gates Industrial is a global manufacturer of power transmission and fluid power products, sold primarily under the Gates brand. Power transmission (~62% of revenue) includes rubber and polymer belts — V-belts, timing belts, CVT belts — plus tensioners, pulleys, and sprockets that transfer mechanical power across industrial machinery, vehicles, and mobile equipment. Fluid power (~38% of revenue) includes high-pressure hydraulic hoses, thermal management hoses, and industrial hoses serving construction and agricultural equipment makers, auto OEMs, and data center operators. Gates sells roughly 68% through the aftermarket channel — primarily via distributors supplying replacement parts — and 32% directly to OEMs. The aftermarket is the primary profit engine: Gates' belts and hoses wear out on predictable cycles, and end users dependent on uptime pay a premium for a trusted brand with reliable availability. OEM relationships seed future aftermarket demand as installed equipment ages. Gates manufactures across 31 countries in an "in-region, for-region" model that reduces FX and tariff exposure. Beyond its core industrial business, Gates is pursuing growth in personal mobility (converting two-wheeler drivetrains from chains to belts, targeting $300M+ in revenue by 2028), data center liquid cooling infrastructure (targeting $100–$200M by 2028), and chain-to-belt conversion in industrial automation. Gates prioritizes capital returns via share buybacks and bolt-on M&A, with leverage at a record-low 1.85x at the end of FY25.