REGAL-BELOIT Announces the Sale of the Illinois Gear Open Gear Division
09 März 2005 - 2:00PM
PR Newswire (US)
REGAL-BELOIT Announces the Sale of the Illinois Gear Open Gear
Division BELOIT, Wis., March 9 /PRNewswire-FirstCall/ --
REGAL-BELOIT CORPORATION (NYSE:RBC) announced today that the
Company has reached a definitive agreement for the sale of the
Illinois Gear open gear division to Overton Gear and Tool
Corporation. The sale is expected to close in the second quarter.
"The sale of this business demonstrates our ongoing strategy to
continuously refine our product portfolio," said James L. Packard,
Chairman and CEO of REGAL-BELOIT. "We are pleased to have found a
strategic buyer for this business and feel that this is a positive
transaction for both parties." The sale of the business will reduce
sales for the Company by approximately $7 million on an annual
basis and have a negligible impact on earnings. The sales price was
not announced, however, the transaction is not expected to impact
earnings in the second quarter. About REGAL-BELOIT CORPORATION:
REGAL-BELOIT CORPORATION (NYSE:RBC) 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 and Canada, and
in Mexico, Europe and Asia. For more information, visit the
company's website at http://www.regal-beloit.com/ . DATASOURCE:
REGAL-BELOIT CORPORATION CONTACT: media, Fritz Hollenbach, V.P.
Administration & Human Resources, ext. 107, or , or financial,
Dave Barta, Chief Financial Officer, ext. 106, or , both of
REGAL-BELOIT CORPORATION, +1-608-364-8808 Web site:
http://www.regal-beloit.com/
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