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Weg SA produces and sells electric motors, generators, control systems, and other industrial devices world-wide. The company has three reportable segments: industry, energy, and foreign (outside of Brazil). The industry segment manufactures various motors, drives, controls, and equipment for industrial automation. Energy products consist of electricity generators for power plants, turbines, control systems, and transformers to aid distributed energy systems and solutions.

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Regal Rexnord Corp (NYSE: RRX) disclosed that it has entered into a definitive agreement to sell the Industrial Motors and Generators 

Regal Rexnord Plans To Sell Industrial Motors &amp; Generators Businesses For $400M

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Regal Rexnord Corporation Closes The Sale Of Its Industrial Motors & Generators Business To WEG

Regal Rexnord Corp&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RRX#NYSE">RRX</a>) disclosed that it has entered into a definitive agreement to sell the Industrial Motors and Generators&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/pressreleases/23/09/n34854645/regal-rexnord-corporation-announces-definitive-agreement-to-sell-its-industrial-motors-generators-" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">businesses for $400 million</a>.

The asset sale comprises most of its Industrial Systems segment to WEG through certain subsidiaries of&nbsp;WEG SA&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/WEGZY#OTC">WEGZY</a>).

The transaction is expected to close in H1 2024, subject to obtaining required regulatory approvals and meeting customary closing conditions.

&quot;After a thorough strategic review, we believe this transaction with WEG will be a true win-win for both companies&#39; principal stakeholders. 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%. 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,&quot; stated Louis Pinkham, CEO.

As of June 30, 2023, cash and cash equivalents&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/pressreleases/23/07/n33479000/newly-transformed-regal-rexnord-reports-strong-second-quarter-2023-financial-results-three-months-" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">stood at $659.6 million</a>.&nbsp;

Also Read:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/analyst-ratings/analyst-color/23/07/33150954/regal-rexnords-fy23-analyst-forecast-anticipated-revenue-jump-and-long-term-profit-" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Regal Rexnord&#39;s FY23 Analyst Forecast: Anticipated Revenue Jump And Long-Term Profit Improvements Despite Short-Term HVAC Challenges</a>

Price Action: RRX shares closed lower by 0.63% at $146.45 on Friday.

Regal Rexnord Plans To Sell Industrial Motors & Generators Businesses For $400M

Regal Rexnord Has Agreed To Sell The Industrial Motors And Generators Businesses That Comprise The Majority Of Its Industrial Systems Segment To WEG, Through Certain Subsidiaries Of WEG, For $400M

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Latest Weg Stock News | OTC:WEGZY | Benzinga

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