MILWAUKEE, 29 May 2006. Apollo Management has signed an agreement to purchase RBS Global Inc., the corporate parent of Rexnord Corporation for $1.825 billion from private equity firm The Carlyle Group and management. Rexnord Corporation is a manufacturer of precision motion technology products. The transaction is expected to close in the third calendar quarter of 2006.
"Carlyle has been a supportive partner in positioning Rexnord to be a strategic player in the power transmission and aerospace industries and I look forward to working with Apollo to continue our growth trajectory," says George Sherman, non-executive chairman of Rexnord.
