REGAL-BELOIT Announces Amendment of Shareholder Agreement with General Electric Company
04 6월 2005 - 3:06AM
PR Newswire (US)
REGAL-BELOIT Announces Amendment of Shareholder Agreement with
General Electric Company BELOIT, Wis., June 3
/PRNewswire-FirstCall/ -- REGAL-BELOIT CORPORATION (NYSE:RBC)
announced today that the Company and General Electric Company
("GE") have agreed to amend their Shareholder Agreement executed in
conjunction with the Company's acquisition of GE's Heating,
Ventilation and Air Conditioning (HVAC)/Refrigeration Motors and
Capacitors operations. The parties have agreed to extend by 90 days
certain key dates in the Shareholder Agreement, including the date
by which the Company must use its commercially reasonable best
efforts to complete an offering of a portion of GE's shares of the
Company's stock. The Company and GE intend to assess general market
conditions as well as the Company's stock price and other relevant
factors in determining whether to proceed with an offering during
this initial 90-day extension or consider additional extensions or
other modifications to the Shareholder Agreement. Henry W.
Knueppel, President and CEO of REGAL-BELOIT CORPORATION, commented,
"After assessing market conditions, REGAL-BELOIT and GE mutually
agreed to amend certain dates in the Shareholder Agreement to
better achieve our desired goals. We intend to work closely
together in assessing alternatives for GE under the Shareholder
Agreement." About REGAL-BELOIT CORPORATION: REGAL-BELOIT
CORPORATION (NYSE:RBC) is a leading manufacturer of 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 and Canada, as well as in
Mexico, India, China and Europe. For more information, visit the
company's website at http://www.regal-beloit.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
press release may be forward looking statements. Forward-looking
statements represent our management's judgment regarding future
events. We cannot guarantee the accuracy of the forward-looking
statements, and you should be aware that results and events could
differ materially and adversely from those contained in the
forward-looking statements due to a number of factors, including:
unexpected issues and costs arising from the integration of
acquired companies and businesses, such as our recent acquisitions
of the HVAC motors and capacitors businesses and the Commercial AC
motors business from GE; marketplace acceptance of our recent
acquisitions, including the loss of, or a decline in business from,
any significant customers; unanticipated fluctuations in commodity
prices and raw material costs and issues affecting our ability to
pass increased costs on to our customers; cyclical downturns
affecting the markets for capital goods; substantial increases in
interest rates that impact the cost of our outstanding debt;
unanticipated costs associated with litigation matters; the success
of our management in increasing sales and maintaining or improving
the operating margins of our businesses; actions taken by our
competitors; difficulties in staffing and managing foreign
operations; our ability to satisfy various covenant requirements
under our credit facility; and other risks and uncertainties
described 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 press release are made only as of the date of this
release, and we undertake no obligation to update these statements
to reflect subsequent events or circumstances. DATASOURCE:
REGAL-BELOIT CORPORATION CONTACT: Media, Fritz Hollenbach, V.P.
Administration & Human Resources, +1-608-364-8808, X107, ; or
Financial, Dave Barta, Chief Financial Officer, +1-608-364-8808,
X106, Web site: http://www.regal-beloit.com/
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