Rexnord Corporation, Milwaukee, WI, a manufacturer of precision motion technology products, announced that an affiliate of the private equity firm, Apollo Management, agreed to buy RBS Global, Inc., the corporate parent of Rexnord, for $1.825 billion from private equity firm The Carlyle Group and management.
The transaction is subject to government approvals and other customary conditions and is expected to close in the third calendar quarter of 2006.
George Sherman, non-executive chairman of Rexnord said: “Carlyle has been a supportive partner in positioning Rexnord to be a strategic player in the power transmission and aerospace industries, and I look forward to working with Apollo to continue our growth trajectory.”
In 2002, Invensys plc, London, England, sold Rexnord to The Carlyle Group, a U.S. private equity firm for $880 milion.
Rexnord is a global supplier of power transmission components, conveying equipment, bearings, chains, couplings, drives, motor brakes and idlers. Rexnord has about 5,800 employees worldwide. Rexnord products are sold around the world by more than 300 direct sales representatives through a network of multiple service centers and warehouses backed by hundreds of independent stocking distributors.
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