BELOIT, Wis. - Regal-Beloit Corp. announced that the company has entered into a definitive agreement to acquire the assets of Changzhou Sinya Electromotor Co. Ltd., Jiangsu Southern Sinya Electric Co. Ltd., and Changzhou Xiesheng Plastic Co. Ltd. (collectively Sinya). Sinya operations are located in Changzhou, China, and will primarily produce electric motors for the HVAC industry. Completion of the acquisition is subject to the fulfillment of certain conditions prior to closing. The purchase price was not disclosed.

Henry W. Knueppel, CEO of Regal-Beloit, commented, "This acquisition is a demonstration of our commitment to expand our commercial presence in high growth markets, to continue to support our global customer base, and to continue to expand our global manufacturing footprint."

This acquisition results in the second wholly owned China-based company for Regal-Beloit. The business reported sales of $38.7 million and net income of $2.7 million for 2005.

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Publication date: 04/24/2006