Regal Beloit Corporation announced that the Company has acquired CMG Engineering Group Pty, Ltd. (CMG) headquartered in Melbourne, Australia.

According to Henry W. Knueppel, Chairman and CEO of Regal Beloit, “We are very excited to announce the acquisition of CMG. The CMG business is a strong and growing business across the AsiaPacific Region, South Africa, and the Middle East. This acquisition further expands the infrastructure necessary to significantly expand our commercial efforts in these critical regions.”

The purchase price was approximately $75.0 million in cash, the assumption of approximately $5.5 million in net liabilities and one hundred thousand shares of Regal Beloit Common Stock. The business is expected to add approximately $92.0 million to sales and add $.04 to diluted earnings per share in 2010. 

CMG manufactures and distributes fractional horse power industrial motors, blower

systems, and industrial metal products with operations in Australia, New Zealand, South Africa, Malaysia, Singapore, the United Kingdom, and the Middle East. Also included is CMG’s Technology center and certified motor and drive testing facilities located in Australia. The business also distributes integral horsepower industrial motors, mechanical power transmission products, material handling equipment, electrical insulating materials, magnet wire, and specialty conductors in Australia and New Zealand.

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