Regal Beloit Acquires Morrill Motors
13 10월 2007 - 6:30AM
PR Newswire (US)
BELOIT, Wis., Oct. 12 /PRNewswire-FirstCall/ -- Regal Beloit
Corporation (NYSE:RBC) today announced that the Company has
acquired Morrill Motors. The acquired business is a leading
designer and manufacturer of fractional horsepower motors and
components for the commercial refrigeration and freezer markets.
Included in the motor offering are technology based-variable speed
products. The business will be reported as part of the Company's
Electrical Segment. The purchase price was not disclosed. The
purchase price was paid in cash, subject to final working capital
and other customary post close adjustments. Regal Beloit expects
the business to add approximately $8.0 million to fourth quarter
sales and add approximately $42.0 million in sales to 2008. It is
expected that the combined businesses will be neutral to diluted
earnings per share for 2007 and add $.03 to $.05 to diluted
earnings per share in 2008, including planned synergies. The
Company's estimates include the estimated impact of purchase
accounting and intangible amortization based on the preliminary
purchase price allocation. According to Henry W. Knueppel, Chairman
and CEO of Regal Beloit, "The business is a great addition to our
portfolio of energy efficient system solutions for our customers.
We believe the Morrill technology, coupled with our technologically
advanced products, positions us well to capitalize on the market
opportunities in the commercial refrigeration segment.
Additionally, Morrill brings with it a wholly owned subsidiary
located in Jiaxing China. This acquisition will further expand our
global manufacturing and commercial capabilities. With Morrill's
facilities in Erwin, Tennessee and Jiaxing China it is well
positioned to serve customers' growing needs for technology and
value. It is a well run company and we are excited to have it join
our growing Regal Beloit family." The business is based in Erwin,
Tennessee and has manufacturing facilities in Erwin and in Jiaxing,
China. About REGAL BELOIT CORPORATION: Regal Beloit Corporation is
a leading manufacturer and marketer of branded 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: unexpected issues and costs arising from the
closing of the transaction and the integration of acquired
companies and businesses and marketplace acceptance of these 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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