BELOIT, Wis. - Regal-Beloit Corp. announced that it has signed a definitive agreement with General Electric Co. under which Regal-Beloit will acquire the HVACR motors and capacitors operations of GE Consumer and Industrial. GE's HVACR motors and capacitors operations include a line of motors for residential HVAC applications and capacitors for HVAC and high intensity lighting applications.
The transaction is valued at approximately $379 million and is expected to close by the end of December, subject to the satisfaction of customary conditions and the receipt of required regulatory approvals. Regal-Beloit expects the acquisition and related financing to add approximately $.32 to $.34 to 2005 diluted earnings per share after giving effect to an estimated $.20 per share of one-time costs related to integration activities and acquisition accounting.