Expands Presence in Global Food and Beverage Markets
MILWAUKEE--(BUSINESS WIRE)--May 18, 2016--
Rexnord (NYSE: RXN) announced today that it has entered into a
definitive agreement to acquire Cambridge International Holdings Corp.
for an estimated total transaction value of $210 million. Subject to
customary closing conditions, the transaction is expected to close in
the next 30 days.
Cambridge is one of the world’s largest suppliers of metal conveying and
engineered woven metal solutions, primarily used in food processing end
markets, as well as in architectural, packaging and filtration
applications.
“Cambridge aligns well with our strategy to expand our presence in
consumer-driven end markets,” said Todd Adams, President and Chief
Executive Officer of Rexnord. “The acquisition, when completed, will
bring our total sales to water, aerospace, and food and beverage end
markets to more than 70 percent of total revenues that should, over
time, generate a better balanced, overall growth profile.”
“The combination of Cambridge’s leadership in food applications and
Rexnord’s strength across the global beverage industry yields an
unequaled portfolio of food and beverage conveying solutions that we are
confident will create additional value for customers, associates and
shareholders,” said Kevin Zaba, President Rexnord Process and Motion
Control platform.
About Rexnord
Headquartered in Milwaukee, Wisconsin, Rexnord is comprised of two
strategic platforms, Process & Motion Control and Water Management, with
approximately 7,700 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 the Company can be found
at www.rexnord.com.
Cautionary Statement on Forward-Looking Statements
Information in this release may involve outlook, 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
Corporation as of the date of the release, and Rexnord Corporation
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 could cause or contribute to such differences. Please
refer to "Risk Factors" and "Cautionary Notice Regarding Forward-Looking
Statements" in the Company's Form 10-K for the fiscal year ended March
31, 2016 as well as the Company'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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160518006657/en/
Source: Rexnord Corporation
Rexnord Corporation
Rob McCarthy, 414-223-1615
Vice President,
Investor Relations