BELOIT,
Wis., Dec. 5, 2011
/PRNewswire/ -- Regal Beloit Corporation (NYSE:RBC) announced today
that it has entered into an agreement to sell the assets of the
Richmond Gear division to Midwest Truck and Auto Parts, Inc. for an
undisclosed amount.
Richmond Gear, located in Liberty, South Carolina, manufactures and
distributes ring & pinions, transmissions and traction control
devices for the Racing, Hi-Performance and Off-Road
aftermarkets. Midwest's acquisition of Richmond Gear also
includes the Powertrax and Lock-Right product lines.
Midwest Truck & Auto Parts, Inc.,
headquartered in Chicago,
Illinois, globally sources and supplies a wide variety of
components to the Heavy Duty, Light Duty and Hi-Performance
aftermarkets.
Regal Beloit Corporation is a leading
manufacturer of electric motors, mechanical and electrical motion
controls 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. Regal Beloit's common
stock is a component of the S&P Mid Cap 400 Index and the
Russell 2000 Index.
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.
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 costs or expenses that
could be incurred relating to the matters described in this press
release.
SOURCE Regal Beloit Corporation