REGAL-BELOIT CORPORATION to Acquire Assets of Motor Manufacturer located in China
12 April 2006 - 2:00AM
PR Newswire (US)
BELOIT, Wis., April 11 /PRNewswire-FirstCall/ -- REGAL-BELOIT
CORPORATION (NYSE:RBC) today announced the Company has entered into
a definitive agreement to acquire the assets of Changzhou Sinya
Electromotor Co. Ltd., Jiangsu Southern Sinya Electric Co. Ltd. and
Changzhou Xiesheng Plastic Co. Ltd. (collectively "Sinya"). Sinya
operations are located in Changzhou, China and will primarily
produce electric motors for the HVAC industry. Completion of the
acquisition is subject to the fulfillment of certain conditions
precedent to closing. The purchase price was not disclosed. Henry
W. Knueppel, CEO of REGAL-BELOIT CORPORATION commented, "This
acquisition is a demonstration of our commitment to expand our
commercial presence in high growth markets, to continue to support
our global customer base and to continue to expand our global
manufacturing footprint." This acquisition results in the second
wholly owned China based company for REGAL-BELOIT. The business
reported sales of $38.7 million and net income of $2.7 million for
2005. 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/ . CAUTIONARY STATEMENT The following
is a cautionary statement made under the Private Securities
Litigation Reform Act of 1995: With the exception of historical
facts, the statements contained in this press release may be
forward looking statements. Forward-looking statements represent
our management's judgment regarding future events. We cannot
guarantee the accuracy of the forward-looking statements, and you
should be aware that results and events could differ materially and
adversely from those contained in the forward-looking statements
due to a number of factors, including the risks and uncertainties
described from time to time in our reports filed with U.S.
Securities and Exchange Commission. All subsequent written and oral
forward-looking statements attributable to us or to persons acting
on our behalf are expressly qualified in their entirety by the
applicable cautionary statements. The forward-looking statements
included in this press release are made only as of the date of this
release, and we undertake no obligation to update these statements
to reflect subsequent events or circumstances. DATASOURCE:
REGAL-BELOIT CORPORATION CONTACT: Dave Barta, Chief Financial
Officer, REGAL-BELOIT CORPORATION, +1-608-364-8808, ext. 106, or
Web site: http://www.regal-beloit.com/
Copyright
RBC Bearings (NYSE:RBC)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
RBC Bearings (NYSE:RBC)
Historical Stock Chart
Von Jul 2023 bis Jul 2024