Regal Beloit Corporation to Acquire Electric Motor and Blower Businesses from Tecumseh Products Company
04 7월 2007 - 6:00AM
PR Newswire (US)
BELOIT, Wis., July 3 /PRNewswire-FirstCall/ -- Regal Beloit
Corporation (NYSE:RBC) today announced that it has signed a
definitive agreement with Tecumseh Products Company (Nasdaq: TECUA;
TECUB) under which Regal Beloit will acquire the assets of the
FASCO Residential/Commercial operations and the stock of the FASCO
Asia/Pacific operations of Tecumseh (FASCO). Tecumseh's FASCO
Automotive/Specialty business is not part of this transaction. The
FASCO businesses that Regal Beloit is acquiring manufacture and
market motors and blower systems for air moving applications
including alternative fuels systems, water heaters and HVAC
systems. Regal Beloit expects the acquired businesses to add
approximately $290-million of sales in 2008. The transaction is
valued at approximately $220 million and is expected to close in
the third calendar quarter, subject to the satisfaction of
customary conditions for closing and the receipt of required
regulatory approvals. Regal Beloit expects the acquisition to add
approximately $.10 to $.15 to 2008 diluted earnings per share. The
purchase price will be paid in cash. Henry W. Knueppel, Chairman
and CEO of Regal Beloit commented, "FASCO is a great business with
a long history of product and manufacturing excellence. We are very
excited about the people, facilities, and technology that are the
foundation of these acquired businesses. This acquisition is
consistent with our strategy to expand our end markets and
integrated product solutions. We are particularly pleased that this
acquisition would allow us to offer our customers a range of
complete motor and blower system solutions. Additionally, the
acquisition would continue the expansion of our global
manufacturing and commercial footprints and expand our reach
further into Asia including the Australian market." Included in the
acquisition are manufacturing and distribution facilities in Eldon,
Missouri; Cassville, Missouri; Piedras Negras, Mexico; Bangkok,
Thailand and Melbourne, Australia. The FASCO Automotive and
Specialty business will remain with Tecumseh but will not retain
the FASCO brand. Robert W. Baird & Co. served as the exclusive
financial advisor to Regal Beloit. Regal Beloit will hold a
conference call on July 9, 2007 at 10:00 am (CDT), 11:00 am (EDT)
to discuss this acquisition. Interested parties may participate in
the call by dialing 800-230-1092, international callers dial
612-288-0337. The replay, which will be available for 15 days, may
be accessed by calling 800-475-6701 (International callers
320-365-3844), passcode 879862. About REGAL BELOIT CORPORATION:
Regal Beloit Corporation 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, Canada, Mexico, Europe and
Asia. 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: uncertainties regarding the timing and closing
of the transaction, including the receipt of regulatory approvals
and the satisfaction of other closing conditions, unexpected issues
and costs arising from the closing of the transaction and the
integration of acquired companies and businesses and marketplace
acceptance of this and other recent acquisitions, including the
loss of, or a decline in business from, any significant customers
of Regal Beloit or the acquired businesses. 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: David
A. Barta, Vice President, Chief Financial Officer of Regal Beloit
Corporation, +1-608-361-7405 Web site: http://www.regal-beloit.com/
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