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Regal-Beloit Corporation, Beloit, WI, has reached a definitive agreement for the sale of the Illinois Gear open gear division to Overton Gear and Tool Corporation. The sale is expected to close in the second quarter.
"The sale of this business demonstrates our ongoing strategy to continuously refine our product portfolio," said James L. Packard, chairman and CEO of REGAL-BELOIT. "We are pleased to have found a strategic buyer for this business and feel that this is a positive transaction for both parties."
The sale of the business will reduce sales for the company by approximately $7 million on an annual basis and have a negligible impact on earnings. The sales price was not announced, however, the transaction is not expected to impact earnings in the second quarter.
Regal-Beloit is a manufacturer of mechanical and electrical motion control and power generation products serving markets throughout the world. The company has manufacturing, sales, and service facilities throughout the U.S. and Canada, and in Mexico, Europe and Asia. For more information, visit the company's website at http://www.regal-beloit.com .