Regal Beloit Announces Acquisition of Milwaukee Gear Company |
Regal-Beloit Corp.
200 State St.
Beloit, WI, 53511
USA
Press release date: February 3, 2012
February 3, 2012 (BELOIT, WI): Regal Beloit Corporation (NYSE: RBC) today announced that it has acquired Milwaukee Gear Company, a Wisconsinbased leading manufacturer of highly engineered gearing components for oil and gas applications as well as a wide variety of other commercial and industrial applications.
The acquisition price was $80.0 million, subject to customary working capital adjustments, and was paid in cash. Milwaukee Gear is expected to add approximately $60.0 million in revenue for the remainder of fiscal 2012. The acquisition is expected to add $0.03 to $0.06 to diluted earnings per share in 2012, including the impact of purchase accounting adjustments and transaction costs, and $0.12 to $0.16 to diluted earnings per share in 2013. Results of operations will be reported in the Mechanical segment.
"Milwaukee Gear is a very wellmanaged business with an excellent reputation resulting from its application engineering excellence and its high precision manufacturing processes," commented Mr. Mark Gliebe, Chairman and Chief Executive Officer of Regal Beloit Corporation. "The business will be a great fit within our Mechanical segment, allowing us to offer customers a larger range of gearing solutions while diversifying our end markets," continued Mr. Gliebe.
Additional details of the transaction will be provided during the previously announced fourth quarter and fiscal year earnings conference call on Tuesday February 7, 2012 at 9:00 a.m. Central time (10:00 a.m. Eastern time). To listen to the call and view the presentation slides via the internet, please go http://www.regalbeloit.com/ or at: http://www.videonewswire.com/event.asp?id=84548. Individuals who would like to participate by phone should dial 8665243160, referencing Regal Beloit. International callers should dial 4123176760, referencing Regal Beloit. Regal Beloit Corporation is a leading manufacturer of electric motors, mechanical and electrical motion controls and power generation products serving markets throughout the world.
Regal Beloit is headquartered in Beloit, Wisconsin, and has manufacturing, sales, and service facilities throughout the United States, Canada, Mexico, Europe and Asia. Regal Beloit's common stock is a component of the S&P Mid Cap 400 Index and the Russell 2000 Index.
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