Rexnord Completes Acquisition of Falk Corp.
February 24, 2005—Rexnord Corp. announced that it has completed the acquisition of Falk Corp. from Hamilton Sundstrand, a subsidiary of United Technologies Corp. for $295 million.
Rexnord Corp., headquartered in Milwaukee, WI, is a worldwide manufacturer of mechanical power transmission components with revenues of approximately $800 million and 4,800 employees located at more than 30 manufacturing facilities. Falk Corp., also headquartered in Milwaukee, manufactures gears and couplings with annual revenues of $200 million.
?We are pleased the acquisition process is complete,? says Robert Hill, CEO of Rexnord in the company's press release. ?The merger with Falk represents an important step forward for Rexnord, significantly enhancing our capabilities in the power transmission industry.?
Falk's president Dave Doerr says in the company's press release, ?We see this merger as a real win for the Falk Corp. By joining forces with Rexnord, we see an excellent opportunity to expand our business. Together, we will make the future of this new enterprise even brighter than the past.?