"We are extremely excited about the addition of the GE commercial AC motor business," said James L. Packard, chief executive officer and chairman of Regal-Beloit. "This acquisition significantly improves our position in the industrial motor channel through new products, applications, and distribution. The commercial AC business also provides us a significant manufacturing presence in Mexico and introduces us to outstanding technical resources in India. The business will add approximately $130 million in sales to the company and be financed through our existing credit facilities."
Lloyd Trotter, president and chief executive officer of GE Consumer & Industrial, said, "We're pleased that this transaction will align the commercial AC motors business with an organization that has both a core competency and a strategy for growth in the motors industry, and that will continue to deliver world-class technology for customers around the world."
Publication date: 09/13/2004