Regal Beloit to Acquire Power Transmission Solutions
Resource from: Power Transmission Engineering Likes:238
Jan 04,2015
Regal Beloit Corporation recently announced it entered into a definitive agreement to acquire the Power Transmission Solutions business (PTS) of Emerson Electric Co. for approximately $1.4 billion in cash plus $40 million of assumed liabilities.
“This acquisition will be transformational for Regal," said Chairman and CEO Mark Gliebe. "PTS will broaden our portfolio, diversify our end market exposure and strengthen our global footprint. PTS brings complementary products and well-known brands, but more importantly a very talented team who are experts in their markets as well as very strong operators. We are excited to have PTS as part of the Regal family and we look forward to growing with them in our future.”
PTS is a manufacturer of highly engineered power transmission products and solutions. The business manufactures, sells and services bearings, couplings, gearing, drive components, and conveyer systems under brands including Browning, Jaure, Kop-Flex, McGill, Morse, Rollway, Sealmaster and System Plast. With annual revenues of approximately $600 million, PTS has over 3,000 employees around the world. PTS will become part of Regal’s newly-defined Power Transmission segment.
“PTS is a strong business with an outstanding management team and excellent brand recognition. The business will benefit by joining Regal, who has a proven track record of success in building and growing businesses,” said Emerson Chairman and Chief Executive Officer David N. Farr. "Regal management estimates 2015 accretion between $0.40 and $0.60 per share including purchase accounting adjustments and closing costs, and 2016 accretion between $0.95 and $1.15 per share. Transaction synergies are estimated to be $30 million within a four year period.
The transaction, which is subject to customary closing conditions, is expected to close in the first quarter of 2015. Shareholder approvals are not required to complete the transaction. Robert W. Baird & Co. served as the exclusive financial advisor to Regal. White & Case LLP served as the legal advisor to Regal.
Regal Beloit Corporation
Address:
200 State Street
Beloit, WI 53511-6254
Phone:
(608) 364-8808
Fax:
(608) 364-8818
URL:
www.regalbeloit.com
(Power Transmission Engineering)
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1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
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