BELOIT, Wis., Dec. 5, 2011 /PRNewswire/ -- Regal Beloit Corporation (NYSE:RBC) announced today that it has entered into an agreement to sell the assets of the Richmond Gear division to Midwest Truck and Auto Parts, Inc. for an undisclosed amount.
Richmond Gear, located in Liberty, South Carolina, manufactures and distributes ring & pinions, transmissions and traction control devices for the Racing, Hi-Performance and Off-Road aftermarkets. Midwest's acquisition of Richmond Gear also includes the Powertrax and Lock-Right product lines.
Midwest Truck & Auto Parts, Inc., headquartered in Chicago, Illinois, globally sources and supplies a wide variety of components to the Heavy Duty, Light Duty and Hi-Performance aftermarkets.Regal Beloit Corporation is a leading manufacturer of electric motors, mechanical and electrical motion controls and power generation products serving markets throughout the world. Regal Beloit is headquartered in Beloit, Wisconsin, and has manufacturing, sales, and service facilities throughout the United States, Canada, Mexico, Europe and Asia. Regal Beloit's common stock is a component of the S&P Mid Cap 400 Index and the Russell 2000 Index. CAUTIONARY STATEMENTThe following is a cautionary statement made under the Private Securities Litigation Reform Act of 1995: With the exception of historical facts, the statements contained in this press release may be forward looking statements. Forward-looking statements represent our management's judgment regarding future events. Actual results and events could differ materially and adversely from those contained in the forward-looking statements due to a number of factors, including unanticipated costs or expenses that could be incurred relating to the matters described in this press release. SOURCE Regal Beloit Corporation