As reported by the Associated Press
A private equity firm has agreed to buy Rexnord Corp., a maker of gears, chains and other industrial components, for $1.825 billion, the manufacturer's owners said yesterday.The deal with Apollo Management is expected to close in the third quarter. The Carlyle Group bought Rexnord from a British firm for $924 million in 2002. ''I am excited to have another high-quality owner to work with and support us as we enhance Rexnord's leadership position in our industry,'' Rexnord president and chief executive Bob Hitt said in a statement.
The Carlyle Group bought Rexnord from a British firm for $924 million in 2002.
Rexnord employs about 5,800 people and has 28 factories worldwide. It had sales of $1.1 billion for the year ended March 31.
Rexnord has been in the Milwaukee area for about 115 years.