BELOIT, Wis., Jan. 8, 2019 /PRNewswire/ -- Regal Beloit
Corporation (NYSE: RBC) today announced the closing of the sale of
its highly engineered drives and control systems business
(described for purposes of the sale as "Regal Drive Technologies")
to an affiliate of Sun Capital Partners, Inc., effective
January 7, 2019.
Information regarding the transaction and the financial impact
will be provided on Regal's upcoming quarterly earnings conference
call.
About the Company
Regal Beloit Corporation (NYSE: RBC) is a leading manufacturer
of electric motors, electrical motion controls, power generation
and power transmission products serving customers throughout the
world. We create a better tomorrow by developing and responsibly
producing energy-efficient products and systems.
Our company is comprised of three operating segments: Commercial
and Industrial Systems, Climate Solutions and Power Transmission
Solutions. Regal is headquartered in Beloit, Wisconsin and has manufacturing, sales
and service facilities worldwide. For more information, visit
RegalBeloit.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 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," "expect," "intend," "estimate," "forecast,"
"anticipate," "believe," "should," "project" or "plan" or the
negative of these terms or other similar words. These
forward-looking statements are not guarantees of future performance
and are subject to risks, uncertainties, assumptions and other
factors, some of which are beyond our control, which could cause
actual results to differ materially from those expressed or implied
by such forward-looking statements due to a number of factors,
including: the ability of the Company to consummate the
transaction, and on the timeline anticipated; uncertainties
regarding our ability to execute our restructuring plans within
expected costs and timing; increases in our overall debt levels as
a result of the acquisition of the Power Transmission Solutions
business of Emerson Electric Co. ("PTS") or otherwise and our
ability to repay principal and interest on our outstanding debt;
actions taken by our competitors and our ability to effectively
compete in the increasingly competitive global electric motor,
drives and controls, power generation and mechanical motion control
industries; our ability to develop new products based on
technological innovation and marketplace acceptance of new and
existing products; fluctuations in commodity prices and raw
material costs; our dependence on significant customers; issues and
costs arising from the integration of acquired companies and
businesses including PTS and the timing and impact of purchase
accounting adjustments; prolonged declines in oil and gas up stream
capital spending; 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,
government policies, including policy changes affecting taxation,
trade, immigration and the like, and other external factors that we
cannot control; product liability and other litigation, or claims
by end users, government agencies or others that our products or
our customers' applications failed to perform as anticipated,
particularly in high volume applications or where such failures are
alleged to be the cause of property or casualty claims;
unanticipated liabilities of acquired businesses; unanticipated
costs or expenses we may incur related to product warranty issues;
our dependence on key suppliers and the potential effects of supply
disruptions; infringement of our intellectual property by third
parties, challenges to our intellectual property, and claims of
infringement by us of third party technologies; effect on earnings
of any significant impairment of goodwill or intangible assets;
cyclical downturns affecting the global market for capital goods;
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 February 27,
2018 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 release are made only as of their respective
dates, and we undertake no obligation to update these statements to
reflect subsequent events or circumstances.
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SOURCE Regal Beloit Corporation