Regal Beloit Acquires Alstom's Motors and Fans Business in India
02 November 2007 - 10:30PM
PR Newswire (US)
BELOIT, Wis., Nov. 2 /PRNewswire-FirstCall/ -- Regal Beloit
Corporation (NYSE:RBC) today announced that the Company has
acquired Alstom's motors and fans business in India. The business
is located in Kolkata, India and manufactures and markets a full
range of low and medium voltage industrial motors and fans for the
industrial and process markets in India. Alstom is noted for high
quality process duty motors with a full range from 1 to 3500 hp.
The business will be reported as part of the Company's Electrical
Segment. Terms of the deal were not disclosed. The purchase price
was paid in cash. Regal Beloit expects the business to add
approximately $10.0 million and $80.0 million to sales for the
fourth quarter of 2007 and full year 2008, respectively. It is
expected that the acquired business will be effectively neutral to
diluted earnings per share for 2007 and add between $.06 and $.08
to diluted earnings per share in 2008, including planned synergies.
The Company's estimates include the impact of purchase accounting
and estimates for the allocation of the purchase price. According
to Henry W. Knueppel, Chairman and CEO of Regal Beloit, "The
acquisition of the Alstom India industrial motor and fan business
is another significant step in the execution of our Globalization
initiative. We intend to continue to improve our global commercial
presence to better serve our customers and participate in high
growth geographies. As well, we intend to maximize the capabilities
of our manufacturing footprint to benefit all RBC businesses."
About REGAL BELOIT CORPORATION: Regal Beloit Corporation is a
leading manufacturer and marketer of branded 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. CAUTIONARY STATEMENT This news release contains
"forward-looking statements" as defined in the Private Securities
Litigation Reform Act of 1995. Forward-looking statements represent
our management's judgment regarding future events. In many cases,
you can identify forward-looking statements by terminology such as
"may," "will," "plan," "expect," "anticipate," "estimate,"
"believe," or "continue" or the negative of these terms or other
similar words. Actual results and events could differ materially
and adversely from those contained in the forward-looking
statements due to a number of factors, including: -- unanticipated
fluctuations in commodity prices and raw material costs; --
cyclical downturns affecting the global market for capital goods;
-- economic changes in global markets where we do business, such as
currency exchange rates, inflation rates, interest rates,
recession, foreign government policies and other external factors
that we cannot control; -- unexpected issues and costs arising from
the integration of acquired companies and businesses; -- actions
taken by our competitors; -- unanticipated costs associated with
litigation matters; -- marketplace acceptance of new and existing
products including the loss of, or a decline in business from, any
significant customers; -- the impact of capital market transactions
that we may effect; -- difficulties in staffing and managing
foreign operations; -- the availability and effectiveness of our
information technology systems; -- other risks and uncertainties
including but not limited to those described in Item 1A-Risk
Factors of the Company's Annual Report on Form 10-K filed on
February 28, 2007 and 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 news release are made only as of their
respective dates, and we undertake no obligation to update these
statements to reflect subsequent events or circumstances. See also
Item 1A - Risk Factors in the Company's Annual Report on Form 10-K
filed on February 28, 2007. DATASOURCE: Regal Beloit Corporation
CONTACT: David A. Barta, Vice President, Chief Financial Officer of
Regal Beloit Corporation, +1-608-361-7405 Web site:
http://www.regal-beloit.com/
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