MILWAUKEE, Aug. 17, 2011 /PRNewswire-FirstCall/ -- A. O.
Smith Corporation (NYSE: AOS) and Regal Beloit Corporation (NYSE:
RBC) have reached a final agreement with the Antitrust Division of
the U.S. Department of Justice in connection with the government's
approval of A. O. Smith's sale of its electric motor business
to Regal Beloit. Subject to receipt of final court approval,
the Company anticipates closing the transaction on or about
Aug. 22.
"This is a critical step in completing the motor sale and
redeploying the proceeds to build upon our global water heating and
water treatment operations," Paul
Jones, chairman and chief executive officer of A. O. Smith
Corporation, said. "In addition to the Lochinvar transaction
announced last month, our acquisition pipeline is active, and we
are encouraged by the opportunities we see."
A. O. Smith entered into the
definitive agreement with Regal Beloit Corporation to sell
Electrical Products on Dec. 12, 2010,
and as previously communicated, will receive $700 million in
cash, subject to a working capital adjustment, and 2.83 million
shares of Regal Beloit stock at closing.
Forward-looking statements
This release contains statements that the company believes are
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements generally can be identified by the use of words such as
"may," "will," "expect," "intend," "estimate," "anticipate,"
"believe," "forecast," "guidance" or words of similar meaning.
These forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ materially
from those anticipated as of the date of this release.
Important factors that could cause actual results to differ
materially from these expectations include, among other things, the
risk that a condition to closing of the sale of Electrical Products
Company may not be satisfied. Forward-looking statements included
in this press release are made only as of the date of this release,
and the company is under no obligation to update these statements
to reflect subsequent events or circumstances. All subsequent
written and oral forward-looking statements attributed to the
company, or persons acting on its behalf, are qualified entirely by
these cautionary statements.
A. O. Smith Corporation, with headquarters in Milwaukee, Wis., is a global leader applying
innovative technology and energy-efficient solutions to products
marketed worldwide. The company is one of the world's leading
manufacturers of residential and commercial water heating
equipment, offering a comprehensive product line featuring the
best-known brands in North America
and China.
SOURCE A. O. Smith Corporation