Beloit, WI — Regal-Beloit Corp. has acquired 95% ownership of Changzhou Modern Technologies Co. Ltd. (CMT). CMT is located in Changzhou, P.R. of China and will produce NEMA 48 frame electric motors.
The purchase price was us$3.23 million, which will be paid over a three-Year period.
“This acquisition is a continuation of our strategy to evolve our manufacturing footprint to take advantage of low-cost manufacturing locations,” said James L. Packard, CEO and chairman of Regal-Beloit. “Additionally, this allows us to better serve our customers’ Asian production facilities and to expand our ability to serve local markets.”
This acquisition results in the third manufacturing joint venture for the company in China. CMT’s business prior to the acquisition will have a negligible impact on the Company’s sales and earnings.
Regal-Beloit is a manufacturer of mechanical and electrical motion control and power generation products serving markets throughout the world. It has manufacturing, sales, and service facilities throughout the United States and Canada, and in Mexico, Europe and Asia.
For more information, visit www.regal-beloit.com.