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On September 27, 2021, Regal Beloit (NYSE: RBC) and Rexnord (NYSE: RXN) announced details regarding the impending merger involving Rexnord's Process & Motion Control (PMC) Business. Rexnord will spin off its PMC Business as a pro rata dividend to shareholders, after which Regal will acquire it in a stock-for-stock merger. Shareholders are set to receive a special cash dividend of $6.99 per share, amounting to approximately $284 million. Record and payment dates for the dividends are October 1 and October 5, 2021, respectively.
Regal Beloit Corporation (NYSE: RBC) and Rexnord Corporation (NYSE: RXN) have provided details regarding their merger, wherein Rexnord will spin off its Process & Motion Control (PMC) Business. Rexnord shareholders will receive shares of its subsidiary, Land Newco, Inc., and subsequently, Regal will merge with Land. The merger's structure includes a special cash dividend for Regal shareholders. Following the transaction, Regal will rebrand as Regal Rexnord Corporation and trade under the ticker RRX, while Rexnord will become Zurn Water Solutions Corporation, trading under ZWS.
Regal Beloit Corporation (NYSE: RBC) and Rexnord Corporation (NYSE: RXN) announced the anticipated completion of their merger on October 4, 2021, via a Reverse Morris Trust transaction. Post-merger, Regal will be rebranded as Regal Rexnord Corporation trading under the symbol RRX, while Rexnord will become Zurn Water Solutions Corporation trading under ZWS. Both companies aim to enhance their operational efficiencies and market positions through this strategic alliance. Further details will be provided in the coming weeks.
On September 1, 2021, Regal Beloit Corporation (NYSE: RBC) announced that shareholders approved the issuance of shares for its merger with Rexnord Corporation's Process & Motion Control (PMC) business in a Reverse Morris Trust transaction. The merger aims to create significant value for stakeholders and is set to finalize early in Q4 2021. Additionally, shareholders approved a name change to Regal Rexnord Corporation and an increase in authorized shares, reflecting the integration of both companies' strengths in engineering power transmission solutions and electric motors.
Rexnord Corporation (NYSE: RXN) announced that stockholders have approved the merger of its Process & Motion Control (PMC) Business with Regal Beloit Corporation (NYSE: RBC) in a Reverse Morris Trust transaction. This decision, revealed at a special meeting of stockholders, aims to enhance scale and create growth opportunities. CEO Todd Adams emphasized the transaction's potential for value creation alongside Rexnord's Water Management segment. The merger's completion is anticipated in early Q4 2021, pending closing conditions.
Regal Beloit Corporation (NYSE: RBC) and Rexnord Corporation (NYSE: RXN) announced the receipt of a private letter ruling (PLR) from the IRS regarding their merger through a Reverse Morris Trust transaction. This ruling is deemed a crucial milestone in merging Rexnord's Process & Motion Control business with Regal, positioning them as a leading provider of Industrial Powertrain solutions. Shareholder votes are scheduled for September 1st, with a potential closing by early Q4 2021. Current reports will provide further details on the transaction's implications.
Rexnord Corporation (NYSE:RXN) has declared a quarterly common stock dividend of $0.09 per share, payable in cash on September 7, 2021, to stockholders on record as of August 20, 2021. The company operates through two strategic platforms: Process & Motion Control and Water Management, employing approximately 6,800 people globally. Rexnord focuses on designing and manufacturing high-quality mechanical components and water management solutions.
Rexnord Corporation (NYSE:RXN) reported strong second quarter results, with net sales increasing to $568 million from $449 million year-over-year, driven by a 21% growth in core sales. Net income rose to $73 million, or $0.59 diluted EPS, compared to $36 million ($0.29 EPS) a year earlier. Adjusted EBITDA was $133 million, reflecting 23.5% of net sales. The Water Management platform experienced a 39% sales increase, while Process & Motion Control saw an 18% rise. Looking ahead, the company expects continued growth in both platforms for the third quarter.
Rexnord Corporation (NYSE: RXN) will hold a conference call on July 21, 2021, at 7:00 a.m. CT to discuss its Q2 2021 financial results and provide a business update. The financial report will be released after market close on July 20, 2021, via SEC filing. The call will feature Chairman Todd Adams and CFO Mark Peterson. Access will be available via phone or live webcast, with a replay option from July 21 to August 4, 2021. Rexnord operates in two platforms: Process & Motion Control and Water Management, employing approximately 6,600 people globally.
Rexnord Process & Motion Control (PMC) has launched the 1030 Smart Condition Monitoring System, designed to enhance efficiency in large gear drives. This innovative system continuously tracks oil quality, temperature, and vibration, offering notable benefits such as reduced maintenance costs and improved uptime. It is compatible with gear drives having an oil port of 3/4” or larger and is suited for demanding industries such as mining and power generation. The system allows for easy remote monitoring and integration with existing infrastructure, promoting safety and reducing equipment inspections.
