Founded and headquartered in Dubai, United Arab Emirates, ENZED-Fleximak has expanded to seven locations, including branches in Jebel Ali and Abu Dhabi, UAE; Doha, Qatar; and Dammam and Jubail, Saudi Arabia. The collective market size for fluid power transfer products in this region is estimated to be worth around $160 million per annum. By allowing Gates to accelerate its market penetration for fluid power products in this high-growth market and to expand the distribution of its power transmission products, ENZED-Fleximak will be a strategic addition to Gates Corporation.
"As an established leader in this vibrant and growing market, ENZED-Fleximak is uniquely positioned to serve diverse industry needs, and is a natural addition to Gates presence in the Gulf area. The acquisition creates new opportunities for Gates to enter the market with hose and fittings as well as assembly and mobile services," said Gates Corporation President, Richard Bell.
The announcement at COP28 in Dubai puts Turkey in the race against Australia