BELOIT, Wis., Oct. 29,
2013 /PRNewswire/ -- Regal Beloit Corporation (NYSE: RBC) today
announced it has reached agreement to acquire Cemp, s.r.l., a
European manufacturer of hazardous duty motors.
"Earlier today, we signed an agreement to acquire
Cemp, a European based electric motor manufacturer that produces
specialty flame proof motors primarily for oil and gas and marine
applications. With revenues of approximately $35 million, Cemp will fit in well with our
existing European footprint and aid in our efforts to grow
profitably in Europe," stated Mark Gliebe,
chairman and CEO.
For 2014 and 2015, Cemp is anticipated to be accretive to
earnings per share by $0.03 to $0.05
and $0.06 to $0.08, respectively.
Regal's fourth quarter 2013 earnings guidance provided in an
earlier earnings release did not include the anticipated results of
this acquisition. Cemp is expected to be $0.01 to $0.02 dilutive to fourth quarter
earnings per share including purchase accounting adjustments and
transaction costs.
Management will provide further discussion of the Cemp
acquisition during today's earnings call scheduled for 9:00 am CDT (10:00 am
Eastern Time). Individuals who would like to participate by
phone should dial 888-317-6003 and enter 9199842# when prompted.
International callers should dial 412-317-6061 and enter 9199842#
when prompted. To view the presentation during the call, please
follow this link to Regal's Investors page:
http://investors.regalbeloit.com/phoenix.zhtml?c=116222&p=irol-presentations.
To listen to the live audio and view the presentation via the
internet, please go to:
http://www.videonewswire.com/event.asp?id=96311.
A telephone replay of the call will be available through
January 29, 2014, at 877-344-7529,
conference ID 10034719. International callers should call
412-317-0088 using the same conference ID. A webcast replay will be
available until January 29, 2014, and
can be accessed at http://investors.regalbeloit.com/
phoenix.zhtml?c=116222&p=irol-calendarPast or at
http://www.videonewswire.com/event.asp?id=96311.
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 the Cemp
business, including the timing and impact of purchase accounting
adjustments; 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 Cemp; our ability to realize
potential synergy targets; 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(A) filed on
March 26, 2013 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.
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.
SOURCE Regal Beloit Corporation