MILWAUKEE--(BUSINESS WIRE)--Nov. 3, 2014--
Rexnord (NYSE: RXN) announced today that it has entered into a
definitive agreement to acquire Euroflex Transmissions (India) Private
Limited (“Euroflex”). Euroflex serves global original equipment
manufacturers (OEMs) from its base in Hyderabad, India, and has annual
revenues of approximately $16 million (USD). Closing is anticipated in
November.
Euroflex is a leading supplier of high performance disc couplings, used
in power generation, gas compression, and industrial process machinery
applications. Founded in 1991, Euroflex has established a strong
reputation for engineering and product quality with a growing base of
original equipment manufacturers inside and outside India.
“Rexnord is excited to add highly engineered Euroflex products to our
expanding portfolio of power transmission technologies,” said Kevin
Zaba, President, Rexnord Power Transmission. “Euroflex expands our
product offering into higher-speed, turbine-driven applications and
accelerates our opportunities in the global power generation and energy
markets.”
Euroflex supports Rexnord strategies to accelerate growth by adding
complementary products to its leading commercial presence and expanding
its global reach.
“Combining the applications expertise of Rexnord and Euroflex creates
additional value for customers and enables expanded access into current
and adjacent markets,” said Sudhanshu Chhabra, Rexnord President &
Regional Executive, India & Middle East. “While expanding Rexnord’s
presence in an important developing economy, Euroflex also adds
important lower cost manufacturing capabilities.”
About Rexnord
Headquartered in Milwaukee, Wisconsin, Rexnord is comprised of two
strategic platforms, Process & Motion Control and Water Management, with
approximately 7,400 employees worldwide. The Process & Motion Control
platform designs, manufactures, markets and services specified,
highly-engineered mechanical components used within complex systems. The
Water Management platform designs, procures, manufactures and markets
products that provide and enhance water quality, safety, flow control
and conservation. Additional information about Rexnord can be found at www.rexnord.com.
Cautionary Statement on Forward-Looking Statements
Information in this release may involve outlooks, expectations, beliefs,
plans, intentions, strategies or other statements regarding the future,
which are forward-looking statements. These forward-looking statements
involve risks and uncertainties. All forward-looking statements included
in this release are based upon information available to Rexnord as of
the date of the release, and Rexnord assumes no obligation to update any
such forward-looking statements. The statements in this release are not
guarantees of future performance, and actual results could differ
materially from current expectations. Numerous factors, such as
Rexnord’s ability to integrate the businesses and operations and the
potential disruptions inherent in any acquisition, could cause or
contribute to such differences. Please refer to “Risk Factors” and
“Cautionary Notice Regarding Forward-Looking Statements” in Rexnord’s
Form 10-K for the fiscal year ended March 31, 2014 as well as Rexnord’s
annual, quarterly and current reports filed on Forms 10-K, 10-Q and 8-K
from time to time with the Securities and Exchange Commission for a
further discussion of the factors and risks associated with the business.
Source: Rexnord
Rexnord
Robert McCarthy VP - Investor Relations
1-414-643-3739
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