BELOIT, Wis., Feb. 3, 2012
/PRNewswire/ -- Regal Beloit Corporation (NYSE: RBC)
today announced that it has acquired Milwaukee Gear Company, a
Wisconsin-based leading
manufacturer of highly engineered gearing components for oil and
gas applications as well as a wide variety of other commercial and
industrial applications.
The acquisition price was $80.0
million, subject to customary working capital adjustments,
and was paid in cash. Milwaukee Gear is expected to add
approximately $60.0 million in
revenue for the remainder of fiscal 2012. The acquisition is
expected to add $0.03 to $0.06 to
diluted earnings per share in 2012, including the impact of
purchase accounting adjustments and transaction costs, and
$0.12 to $0.16 to diluted earnings
per share in 2013. Results of operations will be reported in
the Mechanical segment.
"Milwaukee Gear is a very well-managed business with an
excellent reputation resulting from its application engineering
excellence and its high precision manufacturing processes,"
commented Mr. Mark Gliebe, Chairman
and Chief Executive Officer of Regal Beloit Corporation. "The
business will be a great fit within our Mechanical segment,
allowing us to offer customers a larger range of gearing solutions
while diversifying our end markets," continued Mr. Gliebe.
Additional details of the transaction will be provided during
the previously announced fourth quarter and fiscal year earnings
conference call on Tuesday February 7,
2012 at 9:00 a.m. Central time
(10:00 a.m. Eastern time). To
listen to the call and view the presentation slides via the
internet, please go http://www.regalbeloit.com/ or at:
http://www.videonewswire.com/event.asp?id=84548. Individuals
who would like to participate by phone should dial 866-524-3160,
referencing Regal Beloit. International callers should dial
412-317-6760, referencing Regal Beloit.
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.
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:
issues and costs arising from the integration of acquired companies
and businesses such as Milwaukee Gear Company, including the timing
and impact of purchase accounting adjustments; increases in our
overall debt levels as a result of acquisitions or otherwise and
our ability to repay principal and interest on our outstanding
debt; economic changes in global markets where we do business, such
as reduced demand for the products we sell, currency exchange
rates, inflation rates, interest rates, recession, foreign
government policies and other external factors that we cannot
control; unanticipated liabilities of acquired businesses; and
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 March 2, 2011 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 presentation are made only as of their respective
dates, and we undertake no obligation to update these statements to
reflect subsequent events or circumstances
SOURCE Regal Beloit Corporation