Singapore -- Gates Corp. has acquired A.E. Hydraulic Pte. Ltd., a Singapore-based supplier of hydraulic and industrial hose for the oil exploration industry.
A.E. Hydraulic -- founded in 1999 and based in Jurong, Singapore's largest industrial area -- is a major fabricator and distributor and allows Gates to accelerate its expansion into the high-growth oil and gas exploration market, a spokeswoman said.
The purchase is a natural addition to Gates' presence in Southeast Asia, President John Bohenick said. Financial details of the deal weren't released.