Rexnord Corporation’s Stockholders Approve PMC Business Combination with Regal Beloit Corporation
01 Septembre 2021 - 4:30PM
Business Wire
Rexnord Corporation (NYSE: RXN) (“Rexnord”) today announced that
its stockholders voted to approve1 the previously announced
combination of Rexnord’s Process & Motion Control (“PMC”)
Business with Regal Beloit Corporation (“Regal”) in a Reverse
Morris Trust transaction (the “Transaction”) at the special meeting
of stockholders (the “Special Meeting”) held earlier today.
Commenting on the Special Meeting, Rexnord Chairman, President
and CEO, Todd Adams, said, “We are pleased with our stockholders’
strong support for the value creation opportunity this transaction
brings from the enhanced scale and significant growth opportunities
created by the merger of our PMC segment with Regal as well as our
standalone Water Management business, Zurn Water Solutions, that is
well positioned to continue to drive differentiated growth through
our water solutions for health, human safety and the
environment.”
As previously announced, the consummation of the Transaction is
expected to occur early in the fourth quarter of 2021, subject to
the satisfaction of the remaining closing conditions.
About Rexnord
Headquartered in Milwaukee, Wisconsin, Rexnord is comprised of
two strategic platforms, Process & Motion Control and Water
Management, with approximately 6,800 employees worldwide. The
Process & Motion Control platform designs, manufactures,
markets and services specified, highly-engineered mechanical
components used within complex systems. The Water Management
platform designs, procures, manufactures and markets products that
provide and enhance water quality, safety, flow control and
conservation. Additional information about the Company can be found
at www.rexnordcorporation.com.
About Regal
Regal Beloit Corporation (NYSE: RBC) is a global leader in the
engineering and manufacturing of electric motors and controls,
power generation, and power transmission products, serving
customers throughout the world. We create a better tomorrow by
developing and responsibly producing energy-efficient products and
systems.
Regal is comprised of four operating segments: Commercial
Systems, Industrial Systems, Climate Solutions and Power
Transmission Solutions. Regal is headquartered in Beloit, Wisconsin
and has manufacturing, sales, and service facilities worldwide. For
more information, visit RegalBeloit.com.
Forward-Looking Statements
This communication contains certain “forward-looking statements”
including statements regarding the anticipated timing and benefits
of the transactions with Regal. The words “anticipate,” “believe,”
“continue,” “could,” “estimate,” “expect,” “intends,” “may,”
“might,” “plan,” “possible,” “potential,” “predict,” “project,”
“should,” “would” and similar expressions may identify
forward-looking statements, but the absence of these words does not
mean that a statement is not forward-looking. The forward-looking
statements contained herein are based on Rexnord’s current
expectations and beliefs concerning future developments and their
potential effects, but there can be no assurance that these will be
as anticipated. These forward-looking statements involve a number
of risks, uncertainties (some of which are beyond the control of
Rexnord) or other assumptions that may cause actual results or
performance to be materially different from those expressed or
implied by these forward-looking statements. These factors include,
among others: the inability to complete the Transaction; the
inability to recognize the anticipated benefits of the Transaction,
including the failure of other closing conditions; and costs
related to the Transaction. Except as required by law, Rexnord does
not undertake any obligation to update or revise any
forward-looking statements whether as a result of new information,
future events or otherwise.
Additional Information about the Proposed Transaction and
Where to Find It
In connection with the Transaction, Regal has filed with the
Securities and Exchange Commission (“SEC”), a Registration
Statement on Form S-4 (Reg. No. 333-255982) containing, and we have
filed with the SEC, a proxy statement/information
statement/prospectus relating to the Transaction. SECURITY HOLDERS
ARE URGED TO READ THE PROXY STATEMENT/INFORMATION
STATEMENT/PROSPECTUS (AND ANY OTHER RELEVANT DOCUMENTS WHEN THEY
BECOME AVAILABLE) BECAUSE IT CONTAINS IMPORTANT INFORMATION ABOUT
REXNORD, REGAL AND THE TRANSACTION. A definitive proxy statement
has been sent to stockholders of Rexnord seeking approval of the
Transaction. The documents relating to the Transaction can be
obtained free of charge from the SEC’s website at www.sec.gov.
These documents (when they are available) can also be obtained free
of charge by contacting us by written request to Rexnord
Corporation, Investor Relations, 511 Freshwater Way, Milwaukee, WI
53204, or by calling (414) 643-3739 or upon written request to
Regal Beloit Corporation, Investor Relations, 200 State Street,
Beloit, WI 53511 or by calling (608) 364-8800.
No Offer or Solicitation
This communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be
any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
No offer of securities shall be made except by means of a
prospectus meeting the requirements of Section 10 of the Securities
Act of 1933, as amended.
1 Final voting tallies from the Special Meeting are subject to
certification by Rexnord’s inspector of elections, and will be
included in Rexnord’s report on Form 8-K to be filed with the
Securities and Exchange Commission.
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version on businesswire.com: https://www.businesswire.com/news/home/20210901005687/en/
Investor Relations: Mark Peterson – Chief Financial
Officer 414-223-1609 mark.peterson@zurn.com
Media Relations: Angela Hersil. Director – Corporate
Communications 855-480-5050 Corporate.Communication@rexnord.com
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