Rexnord to Acquire Euroflex
MILWAUKEE, WI (USA) – Rexnord (NYSE: RXN) announced today that it has entered into a definitive agreement to acquire Euroflex Transmissions (India) Private Limited (“Euroflex”). Euroflex serves global original equipment manufacturers (OEMs) from its base in Hyderabad, India, and has annual revenues of approximately $16 million (USD). Closing is anticipated in November.
Euroflex is a leading supplier of high performance disc couplings, used in power generation, gas compression, and industrial process machinery applications. Founded in 1991, Euroflex has established a strong reputation for engineering and product quality with a growing base of original equipment manufacturers inside and outside India.
“Rexnord is excited to add highly engineered Euroflex products to our expanding portfolio of power transmission technologies,” said Kevin Zaba, President, Rexnord Power Transmission. “Euroflex expands our product offering into higher-speed, turbine-driven applications and accelerates our opportunities in the global power generation and energy markets.”
Euroflex supports Rexnord strategies to accelerate growth by adding complementary products to its leading commercial presence and expanding its global reach.
“Combining the applications expertise of Rexnord and Euroflex creates additional value for customers and enables expanded access into current and adjacent markets,” said Sudhanshu Chhabra, Rexnord President & Regional Executive, India & Middle East. “While expanding Rexnord’s presence in an important developing economy, Euroflex also adds important lower cost manufacturing capabilities.”
Headquartered in Milwaukee, Wisconsin, Rexnord is comprised of two strategic platforms, Process & Motion Control (PMC) and Water Management (WM), with approximately 7,400 employees worldwide. The PMC platform designs, manufactures, markets and services specified, highly-engineered mechanical components used within complex systems. The WM platform designs, procures, manufactures and markets products that provide and enhance water quality, safety, flow control and conservation.
Cautionary Statement on Forward-Looking Statements
Information in this release may involve outlook, expectations, beliefs, plans, intentions, strategies or other statements regarding the future, which are forward-looking statements. These forward-looking statements involve risks and uncertainties. All forward-looking statements included in this release are based upon information available to Rexnord Corporation as of the date of the release, and Rexnord Corporation assumes no obligation to update any such forward-looking statements. The statements in this release are not guarantees of future performance, and actual results could differ materially from current expectations. Numerous factors could cause or contribute to such differences. Please refer to "Risk Factors" and "Cautionary Notice Regarding Forward-Looking Statements" in the Company's Form 10-K for the fiscal year ended March 31, 2014 as well as the Company's annual, quarterly and current reports filed on Forms 10-K, 10-Q and 8-K from time to time with the Securities and Exchange Commission for a further discussion of the factors and risks associated with the business.