Regal Rexnord Corporation Closes The Sale Of Its Industrial Motors & Generators Business To WEG
Regal Rexnord Corporation (RRX)
Company Research
Source: PR Newswire
MILWAUKEE, April 30, 2024 /PRNewswire/ -- Regal Rexnord Corporation (NYSE: RRX) announced today that it closed the previously announced sale of its Industrial Motors and Generators business that comprises the substantial majority of its Industrial Systems segment to certain subsidiaries of WEG S.A. (B3: WEGE3 / OTC: WEGZY).The Company closed the transaction for total consideration of US $400 million, approximately 17% of which is deferred and will be paid upon the completion of the China Business transfer.[1] The total consideration remains subject to taxes, transaction expenses, working capital adjustments and customary post-closing adjustments. The Company anticipates that aggregate net proceeds will approximate US $355 million.As previously disclosed, the Company intends to use the aggregate net proceeds from the transaction to reduce its debt, which in combination with deploying the majority of its forecasted 2024 free cash flow to debt reduction, should enable the Company to repa
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RRX
News
- Regal Rexnord Co. (NYSE: RRX) was upgraded by analysts at StockNews.com from a "hold" rating to a "buy" rating.MarketBeat
- Regal Rexnord Corporation (NYSE:RRX) Q1 2024 Earnings Call Transcript [Yahoo! Finance]Yahoo! Finance
- Regal Rexnord Co. (NYSE: RRX) had its price target lowered by analysts at Barclays PLC from $203.00 to $199.00. They now have an "overweight" rating on the stock.MarketBeat
- Regal Rexnord Co. (NYSE: RRX) had its price target raised by analysts at Robert W. Baird from $205.00 to $208.00. They now have an "outperform" rating on the stock.MarketBeat
- Regal Rexnord (RRX) Q1 Earnings Beat Estimates [Yahoo! Finance]Yahoo! Finance
RRX
Earnings
- 5/6/24 - Beat
RRX
Sec Filings
- 5/15/24 - Form 144
- 5/13/24 - Form 4
- 5/13/24 - Form 4
- RRX's page on the SEC website