Regal Beloit, Beloit, Wis., announced the acquisition of CMG Engineering Group Pty. Ltd (CMG), Melbourne, Australia, a manufacturer and distributor of fractional horsepower industrial motors, blower systems and industrial metal products. The deal cost Regal Beloit approximately $75.0 million in cash, the assumption of approximately $5.5 million in net liabilities and 100,000 shares of Regal Beloit Common Stock.
CMG has operations in Australia, New Zealand, South Africa, Malaysia, Singapore, the United Kingdom and the Middle East. The deal includes CMG's Technology Center and certified motor and drive testing facilities in Australia. The company also distributes integral horsepower industrial motors, mechanical power transmission products, material handling equipment, electrical insulating materials, magnet wire and specialty conductors in Australia and New Zealand.