RXN - Dividend announcements

BELOIT, Wis. & MILWAUKEE, Sept. 27, 2021 /PRNewswire/ -- Regal Beloit Corporation (NYSE:RBC) and Rexnord Corporation (NYSE:RXN) today announced additional details regarding the anticipated completion of the combination of Regal and the Process & Motion Control ("PMC") Business of Rexnord.  Under the terms of the transaction, Rexnord will spin-off the PMC Business by way of a pro rata dividend (the "Spin-Off Dividend") of all of the outstanding common stock of Rexnord's wholly owned subsidiary, Land Newco, Inc. ("Land"), the owner of the PMC Business, to Rexnord stockholders as of the record date for the dividend. Immediately following the spin-off Regal will acquire Land in a stock-for-stock

BELOIT, Wis. and MILWAUKEE, Sept. 17, 2021 /PRNewswire/ -- Regal Beloit Corporation (NYSE:RBC) and Rexnord Corporation (NYSE:RXN) today announced additional details regarding the anticipated completion of the combination of Regal and the Process & Motion Control ("PMC") Business of Rexnord.  Under the terms of the transaction, Rexnord will spin-off the PMC Business by way of a pro rata dividend (the "Spin-Off Dividend") of all of the outstanding common stock of Rexnord's wholly owned subsidiary, Land Newco, Inc. ("Land"), the owner of the PMC Business, to Rexnord stockholders as of the record date for the dividend. Immediately following the spin-off Regal will acquire Land in a stock-for-sto

BELOIT, Wis. and MILWAUKEE, Sept. 13, 2021 /PRNewswire/ -- Regal Beloit Corporation (NYSE:RBC) and Rexnord Corporation (NYSE:RXN) today announced that they expect to complete the proposed combination of the Process & Motion Control Business of Rexnord with Regal through a Reverse Morris Trust transaction on October 4, 2021, subject to satisfaction or waiver of the applicable closing conditions.  Following completion of the transactions, (a) Regal will change its name to "Regal Rexnord Corporation" and its shares of common stock will trade on the NYSE under the ticker symbol "RRX" and (b) Rexnord Corporation will change its name to "Zurn Water Solutions Corporation" and its shares of common s

BELOIT, Wis., Sept. 1, 2021  /PRNewswire/ -- Regal Beloit Corporation (NYSE:RBC) today announced that, at a special meeting of the shareholders ("the Special Meeting") held on September 1, 2021, Regal shareholders overwhelmingly1 approved the issuance of shares of Regal common stock necessary to complete the previously announced combination of Rexnord Corporation's (NYSE:RXN) Process & Motion Control ("PMC") business with Regal in a Reverse Morris Trust transaction. In addition, Regal shareholders overwhelmingly approved the amendment and restatement of Regal's Articles of Incorporation to effect a change in the company name to "Regal Rexnord Corporation" and to increase the num

BELOIT, Wisc. and MILWAUKEE, Aug. 18, 2021 /PRNewswire/ -- Regal Beloit Corporation (NYSE:RBC) and Rexnord Corporation (NYSE:RXN) today announced that Rexnord received the private letter ruling ("PLR") from the U.S. Internal Revenue Service ("IRS") in connection with the combination of Rexnord's Process & Motion Control business ("PMC") with Regal through a Reverse Morris Trust ("RMT") transaction. Commenting on receipt of the PLR, Regal CEO, Louis Pinkham said "We are excited about receipt of the IRS private letter ruling, which is a crucial milestone in the process of bringing together Regal and Rexnord PMC – two highly complementary businesses that together create a premier global provide

Rexnord Corporation (NYSE:RXN) announced today that its Board of Directors declared a quarterly common stock dividend of $0.09 per share payable in cash on June 7, 2021 to stockholders of record as of May 20, 2021. About Rexnord Headquartered in Milwaukee, Wisconsin, Rexnord is comprised of two strategic platforms, Process & Motion Control and Water Management, with approximately 6,900 employees worldwide. The Process & Motion Control platform designs, manufactures, markets and services specified, highly-engineered mechanical components used within complex systems. The Water Management platform designs, procures, manufactures and markets products that provide and enhance water quality, sa

MILWAUKEE--(BUSINESS WIRE)--Rexnord Corporation (NYSE:RXN) December Quarter Highlights Net sales were $490 million compared with $492 million in last year’s December quarter (-2% core sales(1), +1% acquisitions and divestitures, +1% foreign currency translation). Net income(2) was $37 million (diluted EPS of $0.30), compared with $46 million (diluted EPS of $0.39) in the year-ago quarter. Adjusted EPS(1) was $0.39 compared with $0.48 in the year-ago quarter. Adjusted EBITDA(1) was $96 million (19.6% of net sales) compared with $107 million (21.8% of net sales) in last year's December quarter. Acquired Hadrian in our Water Management platform. Calendar Year 2020 Highli

BELOIT, Wis. and MILWAUKEE, Feb. 16, 2021 /PRNewswire/ -- Regal Beloit Corporation (NYSE: RBC) and Rexnord Corporation (NYSE: RXN) today announced that they have reached a definitive agreement whereby Rexnord will separate its Process & Motion Control ("PMC") segment by way of a tax-free spin-off to Rexnord shareholders and then immediately combine it with Regal in a Reverse Morris Trust ("RMT") transaction. Regal shareholders will own 61.4% and Rexnord shareholders will own 38.6% of the combined entity ("New Regal"), before a potential dividend to Regal shareholders and a corresponding ownership adjustment to Rexnord shareholders, sized at closing to ensure that RMT ownership requirement

MILWAUKEE--(BUSINESS WIRE)--Rexnord Corporation (NYSE:RXN) announced today that its Board of Directors declared a quarterly common stock dividend of $0.09 per share payable in cash on March 8, 2021 to stockholders of record as of February 19, 2021. About Rexnord Headquartered in Milwaukee, Wisconsin, Rexnord is comprised of two strategic platforms, Process & Motion Control and Water Management, with approximately 6,600 employees worldwide. The Process & Motion Control platform designs, manufactures, markets and services specified, highly-engineered mechanical components used within complex systems. The Water Management platform designs, procures, manufactures and markets products

MILWAUKEE--(BUSINESS WIRE)--Rexnord Corporation (NYSE: RXN) announced today that it has entered into a definitive agreement to acquire Hadrian Inc., a leading provider of washroom partitions and lockers, which will enable its Water Management platform’s Zurn business to offer building owners a complete washroom solution and accelerate its strategy of being the leading provider of smart building solutions. Subject to customary closing conditions, the transaction is expected to close by the end of December. Zurn’s complete offering of hygienic touchless plumbing fixture systems, hand dryers and smart products will combine with Hadrian partitions to be positioned to set the standard