The acquisition comes roughly a year after the merger between Regal Beloit and Rexnord Corp.
Latest In Regal Beloit
Blockbuster deal involves Rexnord performing a tax-free spin-off of PMC to its shareholders and then immediately combining it with Regal in a Reverse Morris Trust transaction.
Workers at the manufacturing operation have been on strike since June 30.
Profit up 46.4% compared to the same period the previous year.
Manufacturer says it will sell its highly engineered drives and controls systems business to an affiliate of Sun Capital Partners.
Chairman and CEO Mark J. Gliebe to retire at the end of 2018; company has begun search for successor.
Company CEO: Purchase will strengthen Regal Beloit's global footprint.
Strong HVAC sales helps Regal Beloit offset weak commercial, industrial motor sales.
