Regal Beloit Corp. (NYSE: RBC), Beloit, WI, has acquired Milwaukee Gear Company for $80 million. Milwaukee Gear is a Wisconsin-based manufacturer of highly engineered gearing components for oil and gas applications, as well as a wide variety of other commercial and industrial applications.
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Milwaukee Gear is expected to add $60 million in revenue for the remainder of fiscal 2012. Results of operations will be reported in the Mechanical segment.
\”Milwaukee Gear is a very well-managed business with an excellent reputation resulting from its application engineering excellence and its high precision manufacturing processes,\” Regal Beloit CEO Mark Gliebe said. \”The business will be a great fit within our Mechanical segment, allowing us to offer customers a larger range of gearing solutions while diversifying our end markets.\”