Ivo Jurek on market competition
From Gates Corporation CEO Ivo Jurek discusses how their materials science innovation sets them apart · · New York Stock Exchange
“Industrial and Mobility chain to Belt is a very large market where we compete with non-traditional competitors like industrial chain. We drive that innovation through ecologically more sound solutions offering our customers productivity boost and helping with challenging demographics in the workplace.”
On , Ivo Jurek, Chief Executive Officer & Director at GATES INDUSTRIAL CORP PLC, spoke about market competition during Gates Corporation CEO Ivo Jurek discusses how their materials science innovation sets them apart on New York Stock Exchange.
About Ivo Jurek
Ivo Jurek, CEO of Gates Industrial, participated in two interviews on September 17, 2024, at the New York Stock Exchange, where the company rang the opening bell and held a capital markets day. Jurek stated that Gates had approximately $3.6 billion in revenue in 2023 and serves every aspect of the industrial economy, manufacturing power transmission belts and fluid power products. He noted that automotive revenue represents about 25% of the company, with 75% coming from industrial applications. Jurek said the company has been an innovator in materials science for over 113 years and has continued to invest in that area under Blackstone ownership. Jurek discussed several growth opportunities, including replacing industrial chains with engineered rubber belts and supplying cooling technology for hyperscale data centers. He described the industrial economy as "somewhat muted" with the manufacturing index in contraction for over 16 months, but said Gates' revenue remains robust and the company is taking market share. Jurek characterized the U.S. economy as "reasonably robust" and noted strong performance in Europe and Latin America. He described Gates as a "high quality asset" with high free cash flow generation and high margins, suggesting that the exit of private equity ownership creates a good entry point for investors.