Regal (RBC) To Combine With Rexnord's (RXN) PMC Segment
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Regal To Combine With Rexnord's PMC Segment, Creating World-Class Power Transmission Provider
February 16, 2021 6:30 AM ESTBELOIT, Wis. and MILWAUKEE, Feb. 16, 2021 /PRNewswire/ -- Regal Beloit Corporation (NYSE: RBC) and Rexnord Corporation (NYSE: RXN) today announced that they have reached a definitive agreement whereby Rexnord will separate its Process & Motion Control ("PMC") segment by way of a tax-free spin-off to Rexnord shareholders and then immediately combine it with Regal in a Reverse Morris Trust ("RMT") transaction. Regal shareholders will own 61.4% and Rexnord shareholders will own 38.6% of the combined entity ("New Regal"), before a potential dividend to Regal shareholders and a corresponding ownership... More
