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RXN > SEC Filings for RXN > Form 8-K on 17-Dec-2013All Recent SEC Filings

Show all filings for REXNORD CORP



Other Events, Financial Statements and Exhibits

Item 8.01. Other Events.
On December 16, 2013, Rexnord Corporation (the "Company") issued a press release announcing its acquisition of Precision Gear Holdings, LLC from OEP Precision Holdings LLC for an aggregate cash purchase price of $78 million. The transaction is subject to a customary post-closing working capital adjustment and for U.S. income tax purposes is considered to be an asset purchase, allowing for additional future tax deductions as a result of a step-up in basis. The transaction was effected through a simultaneous sign and close, and was funded through the Company's available liquidity.

Precision Gear Holdings, LLC has two operating subsidiaries, Merit Gear LLC, located in Antigo, WI, and Precision Gear LLC, located in Twinsburg, OH. Merit Gear LLC is a build-to-print manufacturer of high-quality gearing and specialized gearboxes primarily for the North American oil and gas market, along with other diversified industrial markets. Precision Gear LLC is a leading manufacturer of highly specialized gears primarily serving the aerospace market, along with various other industrial markets. This acquisition is complementary to Rexnord's existing Process & Motion Control platform.

Precision Gear Holdings, LLC employs approximately 190 associates and has annual net sales of approximately $45 million.

Item 9.01. Financial Statements and Exhibits.
Exhibit No. Description
99.1 Press release dated December 16, 2013

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