Rexnord completed the merger with Regal Beloit in a $3.7bn deal.

Rexnord, a process, motion control and water management operations company, completed the merger with Regal Beloit, a designer, manufacturer and seller of electric motors and controls, in a $3.7bn deal. Regal shareholders own 61.4% and Rexnord shareholders own 38.6% of the combined entity. "This transaction provides clear and compelling value for Rexnord shareholders through ownership in a combined company with enhanced scale and significant growth opportunities. Regal is committed to investing in the continued growth of its power transmission business, and we are confident the PMC platform and team are a perfect fit to accelerate their strategy. Rexnord's Water Management business will be well-positioned to continue to drive differentiated growth as a standalone business aligned around its distinct competitive advantages and market dynamics," Todd Adams, Rexnord Chairman, President and CEO.