Regal-Beloit acquires Chinese company
Regal-Beloit Corp. has announced that it has entered into a definitive agreement to acquire the assets of Changzhou Sinya Electromotor Co. Ltd., Jiangsu Southern Sinya Electric Co. Ltd. and Changzhou Xiesheng Plastic Co. Ltd. (collectively “Sinya”). Sinya operations are located in Changzhou, China, and will primarily produce electric motors for the HVAC industry. The purchase price was not disclosed. Sinya reported sales of $38.7 million and net income of $2.7 million for 2005.
Henry W. Knueppel, chief executive officer of Regal-Beloit Corporation said, “This acquisition is a demonstration of our commitment to expand our commercial presence in high growth markets, to continue to support our global customer base, and to continue to expand our global manufacturing footprint.”