Regal Beloit Buys Gear Company
Regal Beloit Corp. announced that it has acquired Milwaukee Gear Co., a Wisconsin, U.S.A.-based manufacturer of highly engineered gearing components for oil and gas applications along with a variety of commercial and industrial applications.
The acquisition price was US$80 million, subject to customary working capital adjustments, and was paid in cash. Milwaukee Gear is expected to add approximately US$60 million in revenue for the remainder of fiscal 2012, Regal Beloit said.
“Milwaukee Gear is a very well-managed business with an excellent reputation resulting from its application engineering excellence and its high precision manufacturing processes,” said Mark Gliebe, chairman and chief executive officer of Regal Beloit. “The business will be a great fit within our Mechanical segment, allowing us to offer customers a larger range of gearing solutions while diversifying our end markets.”
For more information: www.regalbeloit.com