The Carlyle Group Completes Rexnord Acquisition
Washington, DC - Global private equity firm The Carlyle Group today closed its purchase of Rexnord Corporation from Invensys plc for approximately $900 million.
Rexnord is a leading worldwide manufacturer of highly-engineered mechanical power transmission components. The company manufacturers flattop chain and modular conveyor belts, industrial bearings, aerospace bearings and seals, a variety of special components, couplings and gears and industrial chain. Rexnord's products are used in plants and equipment in a wide range of industries, including food and beverage, energy, aerospace, forest products, cement and construction.
Jay Powell, Carlyle Managing Director said, “With the close of this deal, we turn our efforts toward maintaining and improving Rexnord's leadership positions in its markets. We look forward to working with George Sherman, Non-Executive Chairman of the Board, and the Rexnord management team to help build the business. I thank the many people who dedicated much time and effort to bring this deal to closing, including George, Rexnord management, my Carlyle colleagues and our advisors.”