BELOIT, Wis., Aug. 15 /PRNewswire-FirstCall/ — Regal Beloit Corporation (NYSE:RBC) today announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (“HSR”), in connection with its pending acquisition of the Fasco electric motor and blower businesses from Tecumseh Products Company expired at 11:59 p.m. (Eastern Time) on August 13, 2007. Expiration of the HSR waiting period is a condition to completion of the acquisition. The consummation of the acquisition remains subject to other customary conditions. Regal Beloit continues to expect that the acquisition will close in the third calendar quarter of 2007, as previously announced.
About Regal Beloit Corporation:
Regal Beloit Corporation is a leading manufacturer of mechanical and electrical motion control and power generation products serving markets throughout the world. Regal Beloit is headquartered in Beloit, Wisconsin, and has manufacturing, sales, and service facilities throughout the United States, Canada, Mexico, Europe and Asia.
The following is a cautionary statement made under the Private Securities Litigation Reform Act of 1995: With the exception of historical facts, the statements contained in this press release may be forward looking statements. Forward-looking statements represent our management’s judgment regarding future events. We cannot guarantee the accuracy of the forward-looking statements, and you should be aware that results and events could differ materially and adversely from those contained in the forward-looking statements due to a number of factors, including uncertainties regarding the timing and closing of the transaction and the satisfaction of other closing conditions. All subsequent written and oral forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by the applicable cautionary statements. The forward- looking statements included in this press release are made only as of the date of this release, and we undertake no obligation to update these statements to reflect subsequent events or circumstances.
First Call Analyst:
Source: Regal Beloit Corporation
CONTACT: David A. Barta, Vice President, Chief Financial Officer of
Regal Beloit Corporation, +1-608-361-7405