DENVER, March 6,
2024 /PRNewswire/ -- Gates (NYSE: GTES), a
global manufacturer of innovative, highly engineered power
transmission and fluid power solutions announces its collaboration
and entry into the fast-growing and evolving data center cooling
market with CoolIT Systems.
CoolIT Systems is the world leader in scalable liquid cooling
technology for the world's most demanding computing environments.
To meet the surging demand in the AI, high-performance computing
(HPC) and enterprise markets, CoolIT is working with Gates to
develop the most efficient and reliable liquid cooling solutions
available today. The partnership includes developing advanced
solutions and tightens the supply chain between Gates strong
North America based operations and
CoolIT's Calgary, Canada
manufacturing hub, to support the expected market growth.
Gates is leveraging its technical expertise in materials
science, fluid conveyance, and thermal management to offer
efficient and reliable solutions for the data center cooling
market. Gates solutions include a broad range of highly-engineered
products that withstand the rigorous demands of high-performance
computing environments where reliability and uptime are critical.
Furthermore, Gates global manufacturing footprint and capability
also provide the capacity to support CoolIT's demand requirements
in this rapidly growing application space.
"Data Center cooling is a natural market extension for Gates.
The Gates brand is synonymous with quality and reliability, which
is table stakes for data center operations. We have over a hundred
years of experience in thermal management applications and that
experience has positioned us well to participate in a wide range of
applications, from the electrification of vehicles to high-power
industrial applications such as data center cooling," said
Tom Pitstick, President of Global
Strategy for Gates.
"We are seeing unprecedented demand for liquid cooling thanks to
the mainstream utilization of generative AI," said Hamid Rafiei, Sr. Vice President, Global
Operations of CoolIT Systems. "Our partnership with Gates leverages
their strong technical capabilities and secures the capacity for
key components that are integral in our data center product
portfolio. We anticipate being well equipped to address the surging
AI market demand with the Gates support."
To learn more about Gates and its products, visit
Gates.com.
About Gates
Gates is a global manufacturer of innovative, highly engineered
power transmission and fluid power solutions. Gates offers a broad
portfolio of products to diverse replacement channel customers, and
to original equipment manufacturers as specified components. For
more than a century, Gates has pushed the boundaries of materials
science to engineer products that exceed expectations in many
sectors of the industrial and consumer markets. Our products play
essential roles in a diverse range of applications across a wide
variety of end markets including industrial on-highway, industrial
off-highway, mobility and recreation, automotive, energy and
resources as well as diversified industrial. Our products are sold
in more than 130 countries across our four commercial regions: the
Americas; Europe, Middle East & Africa; Greater
China; and East Asia &
India. More about Gates can be
found at www.gates.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These statements are related to and based on management's
current expectations regarding the performance of the Company's
business and its plans, objectives, and intentions. Such
forward-looking statements are subject to various risks and
uncertainties that could cause the Company's results to differ
materially from those described in the forward-looking statements.
Certain of these risks and uncertainties are discussed in the
Company's Annual Report on Form 10-K for the fiscal year ended
December 31, 2023, filed with the
Securities and Exchange Commission ("SEC"). These factors should
not be construed as exhaustive and should be read in conjunction
with the other cautionary statements that are included in the
Company's filings with the SEC. The Company undertakes no
obligation to publicly update or review any forward-looking
statement should circumstances change, except as required by
law.
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SOURCE Gates Corporation