Posted August 18, 2011
Regal Beloit cleared to buy EPC
Regal Beloit Corporation received permission from the Department of Justice to proceed with its acquisition of A.O. Smith's Electrical Products Company.
Subject to receipt of final court approval, RBC anticipates closing the transaction by Monday.
"We are pleased that we have received the final approval from the Department of Justice and we are excited to welcome the EPC team to Regal Beloit," said Mark Gliebe, chief executive officer. "This will be a defining acquisition for Regal Beloit. The combination will add technology to the company, grow our global footprint and result in meaningful synergies.
He added that combining the two businesses will bring incremental value to customers with new energy saving products, a broader product offering and better operating efficiencies.
As announced in December, RBC agreed to acquire the EPC motor business from A.O. Smith for $700 million in cash and 2.8 million shares of Regal Beloit common stock.
EPC is based in Tipp City, Ohio. Operations include motor manufacturing facilities in Mexico, China, the United States and the United Kingdom.
