Rexnord (NYSE: RXN) announced today that it has acquired the assets of Micro Precision Gear Technology Limited (“Micro-Precision”), a UK-based manufacturer of specialty precision gears for the aerospace industry. Micro-Precision has 85 employees and annual sales of approximately $14 million (USD).
Micro-Precision manufactures specialty precision gears and shafts, as well as core packs, for the civil aerospace industry and other end markets. Its products are used for actuation, flight control, and power generation applications on wide-and-narrow body aircraft throughout the world.
“Micro-Precision’s deep technical capability has allowed them to build strong partnerships with key customers on growth aerospace programs,” says Darryl Mayhorn, President, Rexnord Aerospace. “The combination of the two companies provides the ability to bring additional content to our existing aerospace customers, while building on Micro-Precision’s customer relationships. Together we offer an expanded portfolio of mission-critical, highly efficient aerospace components, sub-assemblies and services.”
About RexnordHeadquartered in Milwaukee, Wisconsin, Rexnord is comprised of two strategic platforms, Process & Motion Control and Water Management, with approximately 7,300 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 Micro-Precision business and operations into Rexnord 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, 2013 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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV