London, England — Oct. 10, 2002 — Invensys plc of London, England, has sold Rexnord Corporation of Milwaukee, Wisc., to the Carlyle Group, a private equity buyout and investment firm based in Washington, DC. The transaction is expected to be completed by December 1, 2002
Invensys, a multinational manufacturing conglomerate, has put several of its businesses up for sale recently in order to reduce its debt.
According to ebearings.com, Carlyle paid $880 million for Rexnord, or 8.5 times last year’s $104 million operating profit. Rexnord’s 2001 fiscal year sales were $724 million. .
Rexnord manufactures power transmission components, motor brakes, chain, and bearings. There are five bearing companies alone that are part of Rexnord: Link-Belt, Rex Bearings, Filament Bearing Operation, MB Bearings and W.M. Berg Inc.