Regal-Beloit Sells Cutting Tools Unit
Regal-Beloit Corporation, Beloit, WI, ($1.4 billion in 2005 sales) has sold its Regal Cutting Tools business to YG1 Co., Ltd., Incheon City, Korea.
'This is a very positive move for the Regal Cutting Tools business as it will be aligned with a world leading manufacturer and marketer of high speed and carbide rotary cutting tools,' said Henry W. Knueppel, chairman and CEO of Regal-Beloit.
'As we moved aggressively into motion control systems, electric motors and power generation over the past several years, the cutting tools business was no longer a strategic focus for us."
The sale of the business will reduce Regal-Beloit's sales by approximately $17 million on an annual basis and will be neutral to ...