WEGZY Weg SA (PK)

By Chris Wack

Regal Rexnord is selling its Industrial Motors and Generators businesses to WEG, through certain subsidiaries of WEG S.A., for total consideration of $400 million.

The closing of the transaction is expected to occur in the first half of 2024.

"The sale of our Industrial Motors and Generators businesses is consistent with our strategy of focusing the portfolio on products, sub-systems, end markets and/or applications where we can achieve GDP-plus growth rates and gross margins above 35%," said Regal Rexnord Chief Executive Louis Pinkham. "While we have made significant progress improving the growth prospects and margins at these businesses, we believe that WEG is in a better position to accelerate their performance going forward."

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

September 25, 2023 06:31 ET (10:31 GMT)

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