Rexnord to be Acquired by Apollo Management for $1.825 Billion |
(Archive News Story - Products mentioned in this Archive News Story may or may not be available from the manufacturer.)
Rexnord Industries, LLC
4701 West Greenfield Ave.
Milwaukee, WI, 53214
USA
Press release date: May 25, 2006
Milwaukee, WI-May 25, 2006
Rexnord Corporation, a leading manufacturer of precision motion technology products, today announced that an affiliate of the private equity firm, Apollo Management, has signed an agreement to purchase RBS Global, Inc., the corporate parent of Rexnord, for $1.825 billion from private equity firm The Carlyle Group and management. The transaction is subject to government approvals and other customary conditions and is expected to close in the third calendar quarter of 2006.
George Sherman, Non-executive Chairman of Rexnord said, "Carlyle has been a supportive partner in positioning Rexnord to be a strategic player in the power transmission and aerospace industries and I look forward to working with Apollo to continue our growth trajectory."
Bob Hitt, President and Chief Executive Office of Rexnord, said, "I am excited to have another high quality owner to work with and support us as we enhance Rexnord's leadership position in our industry."
Rexnord Corporation Headquartered in Milwaukee, Wisconsin, Rexnord is a leading worldwide manufacturer of highly-engineered precision motion technology products, primarily focused on power transmission with approximately 5,800 employees worldwide. Rexnord products are sold around the world by over 300 direct sales representatives through a network of multiple servicecenters and warehouses backed by hundreds of independent stocking distributors. For moreinformation, visit www.rexnord.com.
Contact Information: Thomas J. Jansen Chief Financial Officer 414-643-2252
|
|
|
|
|
|
| 
