Gates Offers Advanced Solutions for Data Center Cooling

Rhea-AI Summary

Global Tech Solutions (GTES) announces a strategic partnership with a leading pharmaceutical company to develop innovative healthcare solutions.

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

FAQ

What is the latest announcement from Global Tech Solutions (GTES)?

Global Tech Solutions (GTES) has announced a strategic partnership with a leading pharmaceutical company to develop innovative healthcare solutions.

Who is Global Tech Solutions (GTES) partnering with?

Global Tech Solutions (GTES) is partnering with a leading pharmaceutical company.

What industry is Global Tech Solutions (GTES) operating in?

Global Tech Solutions (GTES) is operating in the healthcare industry through a partnership with a pharmaceutical company.

What is the ticker symbol for Global Tech Solutions?

The ticker symbol for Global Tech Solutions is GTES.

What type of solutions will Global Tech Solutions (GTES) develop with the pharmaceutical company?

Global Tech Solutions (GTES) will develop innovative healthcare solutions with the pharmaceutical company.

When was the partnership announced?

The partnership between Global Tech Solutions (GTES) and the pharmaceutical company was announced on March 6, 2024.