Gates Corp. laid off about 40 people on Tuesday at its global headquarters in Denver.
"They were across the board, (primarily) those in corporate support functions," said John Zimmerman, chief financial officer of Gates and its holding company, Tomkins PLC.
Zimmerman cited three factors contributing to the decision — the consolidation of its holding company, Tomkins PLC; the company's shifting focus toward regionalization in Asia, Europe and the Americas; and the overall economic environment.
"When you go from a $5 billion to $3 billion company, there are going to be some personnel cuts," Zimmerman said. "Just looking overall at the macroeconomic environment softening globally."
Gates has more than a 100-year history in Denver. The company was locally and family owned until 1996 when Tomkins, a London-based conglomerate, acquired Gates. Tomkins was then bought in 2010 by a Canadian private equity company, which operates as Pinafore Acquisitions Ltd.
Denver became the global headquarters of Tomkins in September 2011, making Gates and Tomkins "one and the same." Tomkins is in the process of disposing two subsidiary companies.
"Effectively, you are just down to Gates after those deals close," Zimmerman said.
The next question is when and how Gates will go public.
"Private equity firms don't hold you forever, so there will be an exit at some point," Zimmerman said. "So, an IPO is definitely a possibility."
Zimmerman believes that the company is well-positioned as a premium industrial company, which plans to rebrand in the near future.
"Gates is still very, very strong," Zimmerman said. "And we are still very, very committed to Denver being our global headquarters."
Tuesday's layoffs were effective immediately. Gates employs about 450 people between its two metro locations — downtown and in the Denver Tech Center.
Kristen Leigh Painter: 303-954-1638, kpainter@denverpost.com or twitter.com/kristenpainter
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