Gulf Coast Bearing serves customers in South Texas
Applied Industrial Technologies (NYSE: AIT) has acquired the assets of Gulf Coast Bearing & Supply Co. of Corpus Christi, Texas. Gulf Coast Bearing & Supply is a full line bearing and power transmission distributor with locations in Corpus Christi and Pharr, Texas. Terms of the sale were not disclosed.
Founded in 1985, Gulf Coast Bearing & Supply serves a broad range of customers in South Texas, primarily in the petrochemical, food processing, construction and agriculture industries. Both existing locations will become fully functional Applied® service centers with access to more than four million parts.
"Gulf Coast Bearing & Supply is one of the leading independent bearing and power transmission distributors in its territory and will be an important addition to the North American network of Applied Industrial Technologies service centers," says Todd A. Barlett, Vice President – Acquisitions and Global Business Development for Applied. "The acquisition is a win-win for the customers of both companies as we expand our product offering and technical support into this region."
"We're proud to be part of a team that can provide world-class customer support in South Texas," says Jim Breen, President of Gulf Coast Bearing & Supply. "As part of Applied, our customers will benefit from a wider selection of products and outstanding technical service."
With approximately 470 facilities and 4,600 employee associates across North America, Applied Industrial Technologies is an industrial distributor that offers more than 4 million parts critical to the operations of MRO and OEM customers in virtually every industry. In addition, Applied provides engineering, design and systems integration for industrial and fluid power applications, as well as customized mechanical, fabricated rubber and fluid power shop services. Applied also offers maintenance training, plus solutions to meet inventory and storeroom management needs that help provide enhanced value to its customers. For its fiscal year ended June 30, 2010, Applied posted sales of $1.89 billion.
Showing posts with label motors. Show all posts
Showing posts with label motors. Show all posts
Wednesday, May 4, 2011
Wednesday, April 6, 2011
Regal Beloit acquires Virginia firm
This is Regal Beloit's the third acquisition in past four months
Regal Beloit Corporation (NYSE: RBC) today announced that it has acquired Ramu, Inc., a motor and control technology company headquartered in Blacksburg, Virginia, backed by the venture capital firm Khosla Ventures.
Ramu, Inc. is a startup company founded by Krishnan Ramu with a research and development team dedicated to the development of switched reluctance motor
technology.
Switched reluctance technology is a unique motor design that is suitable
for applications requiring improved operating efficiencies, high operating speeds or high ambient temperature conditions. An additional strategic feature of switched reluctanceis that it does not utilize permanent magnet materials to create the operating torque ofthe motor.
Ramu, Inc.’s current management and technical leadership will continue to lead the
research and development efforts at Ramu, Inc., which will remain headquartered in
Blacksburg, Virginia. This team will be focused on expanding Ramu, Inc.’s current
portfolio of multiple patents and patent applications as well as integrating this
technology into Regal Beloit’s broad motor portfolio for commercialization across
multiple Regal Beloit brands.
“We see potential differentiated value for our customers if we are able to successfully integrate this technology into our energy efficiency motor portfolio,” said Henry Knueppel, chairman and chief executive officer of Beloit-Il. based Regal Beloit.
Regal Beloit Corporation is a manufacturer of mechanical and electrical motion control and power generation products serving markets throughout the world. RegalBeloit is headquartered in Beloit, Wisconsin, and has manufacturing, sales, and servicefacilities throughout the United States, Canada, Mexico, Europe and Asia. RegalBeloit’s common stock is a component of the S&P Mid Cap 400 Index and the Russell2000 Index.
This is the third acquisition announced by Regal-Beloit in the past few months.
Regal Beloit Corporation (NYSE: RBC) today announced that it has acquired Ramu, Inc., a motor and control technology company headquartered in Blacksburg, Virginia, backed by the venture capital firm Khosla Ventures.
Ramu, Inc. is a startup company founded by Krishnan Ramu with a research and development team dedicated to the development of switched reluctance motor
technology.
Switched reluctance technology is a unique motor design that is suitable
for applications requiring improved operating efficiencies, high operating speeds or high ambient temperature conditions. An additional strategic feature of switched reluctanceis that it does not utilize permanent magnet materials to create the operating torque ofthe motor.
Ramu, Inc.’s current management and technical leadership will continue to lead the
research and development efforts at Ramu, Inc., which will remain headquartered in
Blacksburg, Virginia. This team will be focused on expanding Ramu, Inc.’s current
portfolio of multiple patents and patent applications as well as integrating this
technology into Regal Beloit’s broad motor portfolio for commercialization across
multiple Regal Beloit brands.
“We see potential differentiated value for our customers if we are able to successfully integrate this technology into our energy efficiency motor portfolio,” said Henry Knueppel, chairman and chief executive officer of Beloit-Il. based Regal Beloit.
Regal Beloit Corporation is a manufacturer of mechanical and electrical motion control and power generation products serving markets throughout the world. RegalBeloit is headquartered in Beloit, Wisconsin, and has manufacturing, sales, and servicefacilities throughout the United States, Canada, Mexico, Europe and Asia. RegalBeloit’s common stock is a component of the S&P Mid Cap 400 Index and the Russell2000 Index.
This is the third acquisition announced by Regal-Beloit in the past few months.
Tuesday, November 30, 2010
ABB to acquire Baldor Electric
Baldor, a manufacturer of motors and power transmission products, is headquartered in Ft. Smith, Arkansas
ABB , a power and automation technology group, and Baldor Electric Company a North American provider of industrial motor and related products, have agreed that ABB will acquire Baldor in an all-cash transaction valued at approximately $4.2 billion, including $1.1 billion of net debt.
Under the terms of the definitive agreement, which has been unanimously approved by both companies’ Boards of Directors, ABB will commence a tender offer to purchase all of Baldor’s outstanding shares for $63.50 per share in cash. The transaction represents a 41 percent premium to Baldor’s closing stock price on Nov. 29, 2010. The Board of Directors of Baldor will recommend that Baldor shareholders tender their shares in the tender offer. The deal is expected to close in the first quarter of 2011.
The transaction closes a gap in ABB’s automation portfolio in North America by adding Baldor’s strong NEMA motors product line and positions the company as a market leader for industrial motors, including high-efficiency motors. Baldor also adds a growing and profitable mechanical power transmission business to ABB’s portfolio.
The transaction will substantially improve ABB’s access to the industrial customer base in North America, opening opportunities for ABB’s wider portfolio including energy efficient drives and complementary motors. This move comes at a time when regulatory changes in the US and other parts of the world will accelerate demand for energy efficient industrial motion products. The acquisition will strengthen ABB’s position as a leading supplier of industrial motion solutions, and will also enable ABB to tap the huge potential in North America for rail and wind investments, both of which are expected to grow rapidly in coming years.
“Baldor is a great company with an extremely strong brand in the world’s largest industrial market,” said Joe Hogan, ABB’s CEO. “Baldor’s product range and regional scope are highly complementary to ours and give both companies significant opportunities to deliver greater value to our customers.”
John McFarland, Chairman of the Board and CEO of Baldor, commented: “Our Board of Directors believes this transaction is in the best interest of our shareholders, our employees and our customers. It demonstrates the value our employees have created and the strength of our brand and products in the global motors industry. We are excited about the opportunity to join ABB’s worldwide family as we have always respected ABB. We are very pleased that ABB will locate its motor and generator business headquarters for North America in Fort Smith and we are confident that the combined global platform will be well positioned to capitalize on meaningful growth opportunities in the future.” John McFarland will stay with the combined business to support a successful integration.
“ABB is well known in the marketplace for premium, innovative and advanced products. We have respected them as both a market participant and a value-added supplier for many years,” said Ron Tucker, Baldor’s current President and COO, and CEO designate. Ron Tucker will run Baldor including the mechanical power transmission products business and ABB’s motor and generator business in North America after the transaction is completed.
Baldor is based in Fort Smith, Arkansas, and is a supplier in the large North American industrial motors industry. In addition, Baldor offers a broad range of mechanical power transmission products such as mounted bearings, enclosed gearing and couplings – used primarily in process industries – as well as drives and generators. The Baldor drives business will be combined with the larger ABB drives business to achieve even further penetration of this product line.
Baldor employs approximately 7,000 people and reported an operating profit of $184 million on revenue of $1.29 billion in first nine months of 2010. This represents an increase of 30% in operating profit and 11% in revenue over the comparable period in 2009.
The US market for high-efficiency motors is expected to grow 10 to15 percent in 2011on the back of new regulations, effective in December this year. Similar regulations in Canada, Mexico and in the European Union are expected in 2011.
“ABB and Baldor will be able to offer our North American and global customers an unparalleled range of high-efficiency industrial products and services to help them meet their new demands,” said Ulrich Spiesshofer, Executive Committee member responsible for ABB’s Discrete Automation and Motion division, into which Baldor’s business will be integrated alongside the existing Motors and Generators business. We expect to achieve over $200 million in annual synergies by 2015, consisting of more than $100 million annual cost synergies and at least the same global revenue synergies. We estimate two-thirds of these synergies will be realized by 2013. We intend to build on Baldor’s excellent North American position to sell energy efficient drives, larger motors and generators. Together, we will accelerate the expansion of Baldor’s mechanical power transmission product portfolio into the global process automation market using ABB’s strong channels in this sector.”
“We are deeply impressed by the skill and passion of the Baldor team and their excellent customer relationships,” Spiesshofer said. “The strength of Baldor’s people and executive team, which will continue under the new ownership, will play a key role in our mutual success.”
Under the terms of the merger agreement, the transaction is structured as a cash tender offer to be followed as soon as possible by a merger. The tender offer is expected to commence in December and is subject to customary terms and conditions, including the tender of at least two-thirds (2/3) of Baldor's shares on a fully diluted basis, and regulatory clearance.
ABB is a leader in power and automation technologies that enable utility and industry customers to improve their performance while lowering environmental impact. The ABB Group of companies operates in around 100 countries and employs about 117,000 people.
ABB , a power and automation technology group, and Baldor Electric Company a North American provider of industrial motor and related products, have agreed that ABB will acquire Baldor in an all-cash transaction valued at approximately $4.2 billion, including $1.1 billion of net debt.
Under the terms of the definitive agreement, which has been unanimously approved by both companies’ Boards of Directors, ABB will commence a tender offer to purchase all of Baldor’s outstanding shares for $63.50 per share in cash. The transaction represents a 41 percent premium to Baldor’s closing stock price on Nov. 29, 2010. The Board of Directors of Baldor will recommend that Baldor shareholders tender their shares in the tender offer. The deal is expected to close in the first quarter of 2011.
The transaction closes a gap in ABB’s automation portfolio in North America by adding Baldor’s strong NEMA motors product line and positions the company as a market leader for industrial motors, including high-efficiency motors. Baldor also adds a growing and profitable mechanical power transmission business to ABB’s portfolio.
The transaction will substantially improve ABB’s access to the industrial customer base in North America, opening opportunities for ABB’s wider portfolio including energy efficient drives and complementary motors. This move comes at a time when regulatory changes in the US and other parts of the world will accelerate demand for energy efficient industrial motion products. The acquisition will strengthen ABB’s position as a leading supplier of industrial motion solutions, and will also enable ABB to tap the huge potential in North America for rail and wind investments, both of which are expected to grow rapidly in coming years.
“Baldor is a great company with an extremely strong brand in the world’s largest industrial market,” said Joe Hogan, ABB’s CEO. “Baldor’s product range and regional scope are highly complementary to ours and give both companies significant opportunities to deliver greater value to our customers.”
John McFarland, Chairman of the Board and CEO of Baldor, commented: “Our Board of Directors believes this transaction is in the best interest of our shareholders, our employees and our customers. It demonstrates the value our employees have created and the strength of our brand and products in the global motors industry. We are excited about the opportunity to join ABB’s worldwide family as we have always respected ABB. We are very pleased that ABB will locate its motor and generator business headquarters for North America in Fort Smith and we are confident that the combined global platform will be well positioned to capitalize on meaningful growth opportunities in the future.” John McFarland will stay with the combined business to support a successful integration.
“ABB is well known in the marketplace for premium, innovative and advanced products. We have respected them as both a market participant and a value-added supplier for many years,” said Ron Tucker, Baldor’s current President and COO, and CEO designate. Ron Tucker will run Baldor including the mechanical power transmission products business and ABB’s motor and generator business in North America after the transaction is completed.
Baldor is based in Fort Smith, Arkansas, and is a supplier in the large North American industrial motors industry. In addition, Baldor offers a broad range of mechanical power transmission products such as mounted bearings, enclosed gearing and couplings – used primarily in process industries – as well as drives and generators. The Baldor drives business will be combined with the larger ABB drives business to achieve even further penetration of this product line.
Baldor employs approximately 7,000 people and reported an operating profit of $184 million on revenue of $1.29 billion in first nine months of 2010. This represents an increase of 30% in operating profit and 11% in revenue over the comparable period in 2009.
The US market for high-efficiency motors is expected to grow 10 to15 percent in 2011on the back of new regulations, effective in December this year. Similar regulations in Canada, Mexico and in the European Union are expected in 2011.
“ABB and Baldor will be able to offer our North American and global customers an unparalleled range of high-efficiency industrial products and services to help them meet their new demands,” said Ulrich Spiesshofer, Executive Committee member responsible for ABB’s Discrete Automation and Motion division, into which Baldor’s business will be integrated alongside the existing Motors and Generators business. We expect to achieve over $200 million in annual synergies by 2015, consisting of more than $100 million annual cost synergies and at least the same global revenue synergies. We estimate two-thirds of these synergies will be realized by 2013. We intend to build on Baldor’s excellent North American position to sell energy efficient drives, larger motors and generators. Together, we will accelerate the expansion of Baldor’s mechanical power transmission product portfolio into the global process automation market using ABB’s strong channels in this sector.”
“We are deeply impressed by the skill and passion of the Baldor team and their excellent customer relationships,” Spiesshofer said. “The strength of Baldor’s people and executive team, which will continue under the new ownership, will play a key role in our mutual success.”
Under the terms of the merger agreement, the transaction is structured as a cash tender offer to be followed as soon as possible by a merger. The tender offer is expected to commence in December and is subject to customary terms and conditions, including the tender of at least two-thirds (2/3) of Baldor's shares on a fully diluted basis, and regulatory clearance.
ABB is a leader in power and automation technologies that enable utility and industry customers to improve their performance while lowering environmental impact. The ABB Group of companies operates in around 100 countries and employs about 117,000 people.
Tuesday, November 2, 2010
Emerson’s sales increased 5% in fiscal 2010
Fourth quarter sales rose 14% from prior year quarter
Diversified manufacturer Emerson Corp. today reported that net sales for fiscal 2010 increased 5 percent to $21.0 billion. Underlying sales declined 1 percent, currency translation added 2 percent and acquisitions added 4 percent. Emerging market sales hit record levels of 34 percent of sales and international sales were 57 percent of total sales. Gross profit margin expanded 2.0 points to a record 39.6 percent for the year and operating profit margin reached 16.7 percent.
Earnings per share from continuing operations grew 15 percent to $2.60, which includes a negative $0.04 impact from the Chloride Group PLC acquisition and a negative $0.05 impact from the reclassification of the appliance motors and U.S. commercial and industrial motors businesses to discontinued operations. Net earnings per share increased 25 percent to $2.84, and includes a $0.20 gain from the sale of Motors and a positive $0.04 impact from the results of divested businesses.
“Because of the work accomplished during the downturn, we had a strong finish to the year. Our September order trends accelerated to 18 percent and reveal tremendous momentum heading into fiscal 2011,” said Chairman and CEO David N. Farr. “We are proud of our employees’ accomplishments and the results we delivered. Looking ahead, 2011 should be an even stronger year.”
Net sales for the fourth quarter ended September 30, 2010, were $5.8 billion, an increase of 14 percent from the prior year quarter. Underlying sales in the quarter increased 12 percent, which excludes a 3 percent impact from acquisitions and a 1 percent unfavorable impact from currency exchange rates. Growth was solid across all global markets. Underlying sales in the quarter grew 9 percent in the U.S., 14 percent in Asia, 15 percent in Europe and 11 percent in Latin America.
“Our fourth quarter results reflect continued strengthening in the global economy and improved demand for Emerson’s products,” Farr said. “Businesses are spending again. That’s good for Emerson. In the midst of the harsh economic downturn of the past couple of years, we did what we’ve done before. We repositioned the company to be stronger than ever before.
Emerson’s Industrial Automation group had strong performance in the quarter, with sales increasing 23 percent including an underlying sales increase of 26 percent, a 4 percent unfavorable impact from currency and a 1 percent favorable impact from acquisitions. Recently, Emerson won a major contract to provide power inverters and plant-wide controls for what will be California’s largest photovoltaic facility.
Its Tools and Storage sales were up 2 percent in the quarter, reflecting flat underlying sales and a 2 percent favorable impact from acquisitions. Strength in the tools and disposer businesses was offset by residential storage weakness
Diversified manufacturer Emerson Corp. today reported that net sales for fiscal 2010 increased 5 percent to $21.0 billion. Underlying sales declined 1 percent, currency translation added 2 percent and acquisitions added 4 percent. Emerging market sales hit record levels of 34 percent of sales and international sales were 57 percent of total sales. Gross profit margin expanded 2.0 points to a record 39.6 percent for the year and operating profit margin reached 16.7 percent.
Earnings per share from continuing operations grew 15 percent to $2.60, which includes a negative $0.04 impact from the Chloride Group PLC acquisition and a negative $0.05 impact from the reclassification of the appliance motors and U.S. commercial and industrial motors businesses to discontinued operations. Net earnings per share increased 25 percent to $2.84, and includes a $0.20 gain from the sale of Motors and a positive $0.04 impact from the results of divested businesses.
“Because of the work accomplished during the downturn, we had a strong finish to the year. Our September order trends accelerated to 18 percent and reveal tremendous momentum heading into fiscal 2011,” said Chairman and CEO David N. Farr. “We are proud of our employees’ accomplishments and the results we delivered. Looking ahead, 2011 should be an even stronger year.”
Net sales for the fourth quarter ended September 30, 2010, were $5.8 billion, an increase of 14 percent from the prior year quarter. Underlying sales in the quarter increased 12 percent, which excludes a 3 percent impact from acquisitions and a 1 percent unfavorable impact from currency exchange rates. Growth was solid across all global markets. Underlying sales in the quarter grew 9 percent in the U.S., 14 percent in Asia, 15 percent in Europe and 11 percent in Latin America.
“Our fourth quarter results reflect continued strengthening in the global economy and improved demand for Emerson’s products,” Farr said. “Businesses are spending again. That’s good for Emerson. In the midst of the harsh economic downturn of the past couple of years, we did what we’ve done before. We repositioned the company to be stronger than ever before.
Emerson’s Industrial Automation group had strong performance in the quarter, with sales increasing 23 percent including an underlying sales increase of 26 percent, a 4 percent unfavorable impact from currency and a 1 percent favorable impact from acquisitions. Recently, Emerson won a major contract to provide power inverters and plant-wide controls for what will be California’s largest photovoltaic facility.
Its Tools and Storage sales were up 2 percent in the quarter, reflecting flat underlying sales and a 2 percent favorable impact from acquisitions. Strength in the tools and disposer businesses was offset by residential storage weakness
Wednesday, August 18, 2010
Emerson sells motor business to Japanese firm
Two Emerson Motor Company businesses included in sale
Emerson has agreed to sell its Motors and Appliance Controls businesses to Nidec Corporation of Kyoto, Japan. The agreement reached with Nidec will provide a new U.S./North American presence for Nidec’s global motor and motor-related business. Nidec said it intends to retain existing facilities and current management and employees.
“Emerson was committed in this process to assuring that if the businesses were sold, they would end up in the hands of a strong company that would create a successful environment for its employees and customers,” said Craig Ashmore, Executive Vice President, Planning and Development, Emerson. “While there was considerable interest from many solid companies, Nidec Corporation’s proposal provided overwhelming value for everyone: our customers, employees and shareholders."
Included in the sale are two Emerson Motor Company businesses – Emerson’s Commercial and Industrial Motors (CIM) and Emerson Appliance Motors and Controls (EAMC).
Emerson will continue to operate its hermetic motors business, which serves Emerson Climate Technologies’ Copeland Scroll compressors, and also will continue to operate the large motor business based in Europe (Leroy-Somer) as well as Emerson Air Comfort Products in the U.S., which makes their Emerson Ceiling Fan.
Nidec, based in Kyoto, Japan, is about an $8 billion precision manufacturer of small and medium-size motors and fans for IT/consumer electronics, automobiles, home appliances, and industrial applications. The company also manufactures electronic/optical components and machinery.
The affected Emerson divisions reported more than $800 million in combined sales in fiscal 2009 and employ 6,000 people, including 1,700 in the U.S. and several hundred in St. Louis.
Nidec plans to open a U.S. headquarters on Emerson's St. Louis campus and lease space from Emerson Motor Technology Center, keeping all the local jobs here at substantially the same wages and benefits, said Mark Polzin, an Emerson spokesman, according to the St. Louis Business Journal. Patrick Murphy, president of Emerson motors and appliance controls, will join Nidec to lead the business locally.
The newspaper estimated the selling price to be about $700 million.
Nidec’s opening a U.S. headquarters in St. Louis could eventually lead to more jobs in the region. “These businesses of motors and control technologies will be key to our long-term business strategy as we invest and further strengthen our capabilities in the North American market,” Shigenobu Nagamori, founder and CEO of Nidec, said in a statement Tuesday evening, according to the Journal.
The Commercial & Industrial Motors are used in water treatment, mining, oil and gas, power generation, air conditioning condensers, rooftop cooling towers and commercial refrigeration.
Emerson has agreed to sell its Motors and Appliance Controls businesses to Nidec Corporation of Kyoto, Japan. The agreement reached with Nidec will provide a new U.S./North American presence for Nidec’s global motor and motor-related business. Nidec said it intends to retain existing facilities and current management and employees.
“Emerson was committed in this process to assuring that if the businesses were sold, they would end up in the hands of a strong company that would create a successful environment for its employees and customers,” said Craig Ashmore, Executive Vice President, Planning and Development, Emerson. “While there was considerable interest from many solid companies, Nidec Corporation’s proposal provided overwhelming value for everyone: our customers, employees and shareholders."
Included in the sale are two Emerson Motor Company businesses – Emerson’s Commercial and Industrial Motors (CIM) and Emerson Appliance Motors and Controls (EAMC).
Emerson will continue to operate its hermetic motors business, which serves Emerson Climate Technologies’ Copeland Scroll compressors, and also will continue to operate the large motor business based in Europe (Leroy-Somer) as well as Emerson Air Comfort Products in the U.S., which makes their Emerson Ceiling Fan.
Nidec, based in Kyoto, Japan, is about an $8 billion precision manufacturer of small and medium-size motors and fans for IT/consumer electronics, automobiles, home appliances, and industrial applications. The company also manufactures electronic/optical components and machinery.
The affected Emerson divisions reported more than $800 million in combined sales in fiscal 2009 and employ 6,000 people, including 1,700 in the U.S. and several hundred in St. Louis.
Nidec plans to open a U.S. headquarters on Emerson's St. Louis campus and lease space from Emerson Motor Technology Center, keeping all the local jobs here at substantially the same wages and benefits, said Mark Polzin, an Emerson spokesman, according to the St. Louis Business Journal. Patrick Murphy, president of Emerson motors and appliance controls, will join Nidec to lead the business locally.
The newspaper estimated the selling price to be about $700 million.
Nidec’s opening a U.S. headquarters in St. Louis could eventually lead to more jobs in the region. “These businesses of motors and control technologies will be key to our long-term business strategy as we invest and further strengthen our capabilities in the North American market,” Shigenobu Nagamori, founder and CEO of Nidec, said in a statement Tuesday evening, according to the Journal.
The Commercial & Industrial Motors are used in water treatment, mining, oil and gas, power generation, air conditioning condensers, rooftop cooling towers and commercial refrigeration.
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