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ROCKWELL AUTO SELLS MECHANICAL, MOTOR BUSINESSES TO BALDOR.
(Full text of a statement. Contact details below.)
Rockwell Automation Completes Sale of Mechanical and Motor Businesses to Baldor Electric Company
MILWAUKEE--(BUSINESS WIRE)--Jan. 31, 2007--Rockwell Automation, Inc. today announced that it has completed the sale of the company's Dodge(R) mechanical and Reliance Electric(TM) motors and motor repair services businesses to Baldor Electric Company.
Rockwell Automation received $1.75 billion in cash and approximately 1.6 million shares of Baldor common stock from this transaction.
Keith D. Nosbusch, Chairman and Chief Executive Officer of Rockwell Automation, said, "We are pleased this transaction enables us to sharpen our focus on architecture, software and intelligent motor control businesses which provide world-class industrial automation control and information solutions for our customers."
For further details, please consult Baldor's press release of January 31, 2007, available at www.baldor.com.
This news release contains statements (including certain projections and business trends) accompanied by such phrases as "believe", "estimate", "expect", "anticipate", "will", "intend" and other similar expressions, that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995.
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