BELOIT,
Wis. and BRAINTREE,
Mass., March 22, 2023 /PRNewswire/ -- Regal
Rexnord Corporation (NYSE: RRX) ("Regal Rexnord") and Altra
Industrial Motion Corp. (Nasdaq: AIMC) ("Altra") jointly announced
today that they have received all required regulatory approvals to
complete the previously announced acquisition of all of the issued
and outstanding shares of common stock of Altra, whereby a wholly
owned subsidiary of Regal Rexnord will be merged with and into
Altra, with Altra surviving the merger as a wholly owned subsidiary
of Regal Rexnord (the "Transaction").
The closing of the Transaction is expected to occur on or around
March 27, 2023, subject to the
satisfaction or waiver of the remaining closing conditions set
forth in the merger agreement between the parties.
Advisors
J.P. Morgan and Incentrum Group are serving as financial
advisors and Sidley Austin LLP is serving as legal advisor to Regal
Rexnord.
Goldman Sachs & Co. LLC is serving as sole financial advisor
and Cravath, Swaine & Moore LLP is serving as legal advisor to
Altra.
About Regal Rexnord
Regal Rexnord Corporation is a global leader in the engineering
and manufacturing of industrial powertrain solutions, power
transmission components, electric motors and electronic controls,
air moving products, and specialty electrical components and
systems, serving customers around the world. Through longstanding
technology leadership and an intentional focus on producing more
energy-efficient products and systems, Regal Rexnord helps create a
better tomorrow – for its customers and for the planet.
Regal Rexnord is comprised of four operating segments: Motion
Control Solutions, Climate Solutions, Commercial Systems and
Industrial Systems. Regal Rexnord is headquartered in Beloit, Wisconsin and has manufacturing,
sales, and service facilities worldwide. For more information,
visit RegalRexnord.com.
About Altra
Altra Industrial Motion Corp. is a premier industrial global
manufacturer and supplier of highly engineered motion control,
automation, and power transmission systems and components. Altra's
portfolio consists of 26 well-respected brands including Bauer Gear
Motor, Boston Gear, Kollmorgen, Portescap, Stromag, Svendborg
Brakes, TB Wood's, Thomson and Warner Electric. Headquartered in
Braintree, Massachusetts, Altra
has over 9,000 employees and 47 production facilities in 17
countries around the world.
Forward Looking Statements
This release contains forward-looking statements, within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, concerning Regal Rexnord, Altra, the proposed transaction
between Regal Rexnord and Altra (the "Transaction"), and other
matters. These forward-looking statements generally include
statements regarding the expected timetable for completing the
Transaction, the ability to complete the Transaction and other
matters. Forward-looking statements include statements that are not
historical facts and can be identified by forward-looking words
such as "anticipate," "believe," "confident," "estimate," "expect,"
"intend," "plan," "target," "may," "will," "project," "forecast,"
"would," "could," "should," and similar expressions. These
forward-looking statements are based upon information currently
available to Regal Rexnord and Altra and are subject to a number of
risks, uncertainties, and other factors that could cause actual
results, performance, prospects or opportunities to differ
materially from those expressed in, or implied by, these
forward-looking statements. Important factors that could cause
actual results to differ materially from the results referred to in
the forward-looking statements Regal Rexnord and Altra make in this
release include: the possibility that the conditions to the
consummation of the Transaction will not be satisfied on the terms
or timeline expected, or at all; unexpected difficulties in
connection with the Transaction; litigation associated with the
Transaction and other risks and uncertainties including, but not
limited, to those described in the section entitled "Risk Factors"
in Regal Rexnord's Annual Report on Form 10-K on file with the SEC
and from time to time in other filed reports of Regal Rexnord
including Regal Rexnord's Quarterly Reports on Form 10-Q, and
including those described in the "Risk Factors" and the
"Management's Discussion and Analysis of Financial Condition and
Results of Operations" sections of Altra's Annual Report on Form
10-K on file with the SEC and from time to time in other filed
reports of Altra including Altra's Quarterly Reports on Form 10-Q.
For a more detailed description of the risk factors associated with
Regal Rexnord, please refer to Part I, Item 1A in the Regal Rexnord
Annual Report on Form 10-K for the fiscal year ended December 31, 2022 on file with the SEC and
subsequent SEC filings. For a more detailed description of the risk
factors associated with Altra, please refer to Part I, Item 1A in
the Altra Annual Report on Form 10-K for the fiscal year ended
December 31, 2022 on file with the
SEC and subsequent SEC filings. Shareholders and stockholders,
potential investors, and other readers are urged to consider these
factors in evaluating the forward-looking statements and are
cautioned not to place undue reliance on such forward-looking
statements. The forward-looking statements included in this release
are made only as of the date of this release and Regal Rexnord and
Altra undertake no obligation to update any forward-looking
information contained in this release or with respect to the
announcements described herein to reflect subsequent events or
circumstances.
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SOURCE Regal Rexnord Corporation