Regal Rexnord Corporation Announces Definitive Agreement To Sell Its Industrial Motors & Generators Businesses To WEG
MILWAUKEE, Sept. 25, 2023 /PRNewswire/ -- Regal Rexnord Corporation (NYSE: RRX) announced today that it has entered into a definitive agreement to sell the Industrial Motors and Generators businesses that comprise the majority of its Industrial Systems segment to WEG, through certain subsidiaries of WEG S.A. (B3: WEGE3 / OTC: WEGZY), for total consideration of US$400 million.
- MILWAUKEE, Sept. 25, 2023 /PRNewswire/ -- Regal Rexnord Corporation (NYSE: RRX) announced today that it has entered into a definitive agreement to sell the Industrial Motors and Generators businesses that comprise the majority of its Industrial Systems segment to WEG, through certain subsidiaries of WEG S.A. (B3: WEGE3 / OTC: WEGZY), for total consideration of US$400 million.
- Regal Rexnord CEO, Louis Pinkham, commented on the agreement: "After a thorough strategic review, we believe this transaction with WEG will be a true win-win for both companies' principal stakeholders.
- Pinkham concluded, "I would also like to thank our associates at Industrial Systems for their many contributions to Regal Rexnord over the years.
- I believe the transaction with WEG will create new opportunities for our talented associates in the Motors & Generators businesses."