Rexnord takes over Precision Gear Holdings.
M2 EQUITYBITES-December 17, 2013-Rexnord takes over Precision Gear Holdings
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17 December 2013 - US industrial company Rexnord Corp (NYSE:RXN) said it had purchased gearing maker Precision Gear Holdings LLC for an undisclosed amount.
The target has two operating units - Antigo, Wisconsin-based Merit Gear LLC, which provides gearing and specialised gearboxes mainly to the North American oil and gas sector, and Twinsburg, Ohio-based Precision Gear LLC, which makes gears mainly for the aerospace industry. Both companies also cater to other industrial markets.
Merit, whose capabilities and product range complement Rexnord's core Falk product line, beefs up the buyer's footprint in key energy markets, Rexnord said.
The addition of Precision Gear expands Rexnord's aerospace gear production capabilities and offering, the buyer noted.
Precision Gear Holdings, which has a workforce of around 190, generates net sales of some USD45m (EUR32.7m) per year.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Dec 17, 2013|
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