BELOIT, Wis., Sept. 1 - Regal Beloit Corporation (NYSE:RBC) today announced that it has acquired Rotor B.V. headquartered in Eibergen, the Netherlands.
Rotor sells standard and special electric motors to a variety of industries including the marine industry, ship building and offshore oil and gas. In addition to the Netherlands, Rotor also sells throughout Europe, the UK and Japan. The management of Rotor will continue to lead the company following the acquisition.
For the remainder of 2010, the business is expected to add approximately $10 million to sales and a de minimis amount to diluted earnings per share after including the estimated impact of transaction costs, purchase accounting and intangible amortization based on the preliminary purchase price allocation. Sales for Rotor in 2011 are expected to be approximately $27 to $30 million and the addition to diluted earnings per share is expected to be $.04 to $.06 for the business.
According to Henry W. Knueppel, Chairman and CEO of Regal Beloit, "We are very excited to announce the acquisition of Rotor. The company has an outstanding management team that has grown the business in Europe and beyond. The addition of Rotor strengthens our European commercial position and adds vertical market segment strengths. The Rotor addition represents continued progress on our strategy of geographic and market segment diversification."
Herbert Weekhout and Mario Pistone, managing directors and owners of Rotor stated, "We are excited to join Regal Beloit and are confident that, following this acquisition, we will become an even stronger company, benefiting our customers and stakeholders."
About REGAL BELOIT CORPORATION:
Regal Beloit Corporation is a leading manufacturer of mechanical and electrical motion control 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.
Source: Regal Beloit Corporation
CONTACT: John M. Perino, Vice President, Investor Relations,
+1-608-361-7501, or Corporate Offices, +1-608-364-8808, Fax, +1-608-364-8818,
both of of Regal Beloit Corporation
Web Site: http://www.regalbeloit.com/