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."
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.
Thomas J. Jansen
Chief Financial Officer