On April 10, 1967, Bill Lear's approximately 60% share of the venture was acquired by the Gates Rubber Company of Denver, Colorado, for US$ 27,000,000. Lear remained on the company board until April 2, 1969, when the company was merged with Gates Aviation Corporation and was renamed Gates Learjet Corporation. In 1971, the first Model 25 powered by a Garrett TFE731-2 turbofan engine was flown. This aircraft later became the successful Learjet 35. That year, the company was awarded the President's "E" Award for promoting export sales.