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July News in Brief
Published: 01 July, 2008
º The owner of the US mechanical components manufacturer Rexnord is planning to raise $650m for the business through an IPO (initial public offering). The owner, a private equity firm called Apollo Management, bought Rexnord from the Carlyle Group for $1.8bn in 2006. Carlyle had earlier acquired Rexnord for $913m from Invensys, in 2002. Rexnord’s products include gears, couplings, chains, bearings, belts and seals.
º The Chinese linear motor manufacturer Harbin Electric is buying the Weihai Hengda Electric Motor company, which manufactures high and low voltage, AC and DC motors, for RMB375m (about $54m) in cash. The acquisition gives Harbin a full range of motors from linear machines, to rotary motors and speciality micro-motors. In the year to March 2008, Hengda Electric Motor produced a profit of around $6.5m on sales worth $49m.
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