Regal Beloit Acquires European Industrial Motor Distributor
01 10월 2008 - 8:04AM
PR Newswire (US)
BELOIT, Wis., Sept. 30 /PRNewswire-FirstCall/ -- Regal Beloit
Corporation (NYSE:RBC) today announced that the Company has
acquired Dutchi Motors B.V. (Dutchi) located in Arnhem, The
Netherlands. Dutchi is a leading distributor of industrial motors
in Western and Eastern Europe, South Africa, Russia and the Middle
East. Dutchi is one of the largest distributors of the Company's
Hwada motor products, which was purchased by the Company in April
2008. The Dutchi business will be reported as part of the Company's
Electrical Segment. The business is expected to add approximately
$11.0 to $13.0 million to sales and add $.01 to $.02 to diluted
earnings per share in 2008. The Company's guidance includes the
estimated impact of purchase accounting and intangible amortization
based on the preliminary purchase price allocation. Sales for
Dutchi in 2009 are expected to be approximately $70-$75 million and
the addition to diluted earnings per share are expected to be $.05
to $.08 for the business. Because of the sales relationship between
Dutchi and the Company's Hwada business, approximately $25.0
million of annual sales previously attributed to Hwada will now be
classified as intercompany sales and will therefore reduce the
reported sales for the Company as a result of this transaction. The
purchase price was approximately $34.0 million in cash and the
assumption of approximately $3.2 million in net liabilities.
According to Henry W. Knueppel, Chairman and CEO of Regal Beloit,
"We are very excited to announce the acquisition of Dutchi. The
Dutchi business is a strong and growing business across Eastern and
Western Europe, South Africa, Russia and the Middle East. With
Dutchi joining our expanding family, we will now have in place the
infrastructure necessary to significantly expand our commercial
efforts in these critical regions. The company has an outstanding
management team that has continuously grown the business at a
multiple of market growth rates. Given this track record and the
opportunities that RBC can bring to Dutchi, we are very confident
that we will see accelerated growth across these regions even in
light of the short-term prospects for Western Europe. We have for
some time searched for a commercial infrastructure in these
important geographical regions that would allow us to leverage our
global manufacturing platform. Dutchi is a perfect fit to complete
this portion of our globalization strategy." 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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