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Regal-Beloit Corporation Acquires GE’s HVAC/Refrigeration Motor and Capacitor Operations
04 Jan 2005
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Regal-Beloit Corporation has announced that it completed the purchase of General Electric Company's heating, ventilation and air conditioning (HVAC)/refrigeration motors and capacitors operations of GE Consumer & Industrial. The operations include a full line of motors for residential HVAC applications and capacitors for HVAC and high intensity lighting applications.
The purchase price included $270 million in cash and the issuance of 4.56 million shares of the company's common stock, which, based on the closing price on December 31, 2004, results in total consideration of approximately $400 million. James L. Packard, chief executive officer and chairman of Regal-Beloit Corporation, commented, "This is a defining acquisition. We believe this acquisition, coupled with the acquisition of the commercial AC motor business we completed in August, makes us the largest commercial and industrial motor producer in the United States as well as the leader in HVAC motors. Equally important, these acquisitions bring impressive technology and significant low cost manufacturing resources to our company. We are excited about the potential for these businesses and the outstanding employees that will be joining our company."
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