Positions Regal Rexnord For Accelerated
Growth, Higher Margins, Stronger Free Cash Flow And Higher ROIC By
Enhancing Its Value Proposition With Key Stakeholders
- Transforms Regal Rexnord's Automation Portfolio Into A
Meaningful, Global Automation Solutions Provider, With Over 70% Of
Its Sales Into Markets With Secular Growth Tailwinds
- Combines Complementary Power Transmission Portfolios To Deliver
Enhanced Industrial Powertrain Solutions For Customers
- Portfolio To Be Comprised Of Four Segments: Industrial
Powertrain Solutions ("IPS", ~37% Of Pro Forma 2022 Sales), Power
Efficiency Solutions ("PES", ~31%), Automation & Motion Control
("AMC", ~24%) And Industrial Systems ("IS", ~8%)
- Unites Aligned Cultures With Deep Commitments To Serving
Customers And Infuses Significant New Talent Into The Organization
To Support Growth And Margin Enhancement Initiatives
- Affirm Anticipated Annualized Cost Synergies Of $160 million By Year Four, Plus Significant
Cross-Marketing Revenue Opportunities
- Expect Net Debt/Adjusted EBITDA At Or Below Previously
Communicated Target Of 3.9X By The End Of 2Q 2023, In A Range Of
2.5-3.0x In 2024, And Below 2.5x In 2025
- Affirm 2023 Guidance For Legacy Regal Rexnord, Including GAAP
Diluted EPS In A Range Of $5.64 To
$6.44 And Adjusted Diluted EPS In A
Range Of $10.05 To $10.85
- Reiterate Pro Forma Targets For 2025 Revenue Of ~$8.3 Billion, Adjusted Gross Margin Of ~40%,
Adjusted EBITDA Margins >25%, Adjusted EPS Of ~$18, And Annual Free Cash Flow ~$1.1 Billion And $1.4
Billion In 2026
BELOIT,
Wis., March 27, 2023 /PRNewswire/ -- Today,
Regal Rexnord Corporation (NYSE: RRX) announced it has completed
the acquisition of Altra Industrial Motion Corp. (Nasdaq: AIMC),
closing the deal that was signed on October
26, 2022.
Commenting on the announcement, CEO Louis Pinkham said, "I am thrilled to welcome
Altra associates to Regal Rexnord, and incredibly excited about all
that we expect to accomplish as one, enhanced Regal Rexnord team.
Together, we have clear lines of sight to faster growth, higher
margins, stronger free cash flow and improved ROIC."
"Altra's Automation & Specialty platform
transforms our existing automation portfolio into a meaningful,
global automation solutions provider. Altra's Power
Transmission Technologies business significantly enhances
our legacy power transmission portfolio, in particular our
industrial powertrain offering, by adding complementary products in
brakes, gears, and clutches. The combined power transmission,
automation and powertrain capabilities of the new Regal Rexnord
offer customers a significantly enhanced value proposition across a
wider range of end markets – many with highly attractive secular
growth tailwinds."
Pinkham went on to say, "I am highly confident that our
well-aligned cultures and firmly-held shared values, hallmarks of
both organizations, will lead to great success. Associates at both
Regal Rexnord and Altra prioritize and value putting safety first,
acting with integrity, driving purposeful innovation, offering an
excellent customer experience and embracing a continuous
improvement mindset. Together, we can create even more value for
our customers, our fellow associates, and our
shareholders."
The acquisition of Altra is expected to:
Benefit customers: The aggregate capabilities of the
pro forma business across power transmission and automation –
including a more expansive global sales channel and aftermarket
support network – position Regal Rexnord to offer more robust
sub-systems, including industrial powertrains, and to do so across
a wider range of end markets. Examples of end markets with enhanced
capabilities include medical, warehouse & logistics, food &
beverage, aerospace, and alternative energy, among others.
Notably, much of the pro forma business offers automation
products that sit adjacent to its industrial powertrain content in
many end user applications, putting Regal Rexnord in a unique
position to offer customers a wider and more value-added range of
services, including up-front design, performance optimization, and
diagnostic support.
The service offering is further enhanced when including Regal
Rexnord's suite of IIoT and data analytics capabilities, marketed
under the PerceptivTM brand, which are supported by
proprietary data from its power transmission, automation and motor
components related to how they inter-operate as part of a larger
sub-system. Regal Rexnord is now better positioned for Industry
4.0, which will be critical to future new product development
efforts.
Accelerate organic growth: A broader offering,
stronger channel, increased global presence, and an enhanced
customer value proposition should support stronger organic growth.
In particular, Regal Rexnord envisions a significant opportunity to
accelerate growth by leveraging its 80/20 tools to focus resources
on its most profitable opportunities – a practice that has gained
significant momentum in the legacy Regal Rexnord business.
The pro forma business has higher exposure to end markets with
secular growth tailwinds, which are expected to represent over 40%
of sales by 2025 and more than 50% when considering exposure to
residential HVAC. In particular, the pro forma Automation &
Motion Control business, with 2022 sales of ~$1.7 billion, is anticipated to have at least
70% of its sales generated in end markets with secular growth
characteristics. It is anticipated that a significant share
of new product development investments will be directed to support
the needs of customers in these markets.
Enable sizable margin gains: Regal Rexnord sees a
path to an adjusted gross margin of approximately 40% in 2025, up
from 33% in 2022 for legacy Regal Rexnord and compared to its prior
expectation of reaching a 37% adjusted gross margin by 2025.
Adjusted EBITDA margins are expected to rise to at least 25% in
2025, up from 21% in 2022. Principal drivers of this anticipated
margin expansion are $160 million of
annual run-rate cost synergies related to the Altra transaction and
improved mix, with much of the anticipated mix improvement tied to
introducing a host of margin accretive new products.
Expected synergies are anticipated to be driven by procurement
savings, distribution efficiencies, footprint rationalization, and
SG&A reductions. Actions to realize the synergies are expected
to be completed by year four. Furthermore, leveraging Regal
Rexnord's competencies in 80/20 and lean, and building on its
successful integration of Rexnord PMC, Regal Rexnord sees an
opportunity to further optimize the combined company's global
operating model, which can support greater investment in the
business to drive profitable growth.
Be accretive to adjusted EPS: The moderate accretion
anticipated in the first year post closing is expected to rise
materially in the coming years as cost synergies grow, sales
synergies are executed, de-leveraging is achieved, and Regal
Rexnord's cash tax rate normalizes.
Strengthen free cash flow: The pro forma enterprise
is expected to generate substantial free cash flow, which in the
coming years should support a strong pace of debt reduction. Pro
forma free cash flow is expected to approximate $1.1 billion by 2025 and to reach ~$1.4 billion by 2026, aided by cost and sales
synergies, working capital improvements, accelerated de-leveraging
and a normalizing cash tax rate. Regal Rexnord expects to lower its
net debt/adjusted EBITDA ratio to between 2.5x and 3.0x in 2024,
and to below 2.5x thereafter. Pro forma free cash flow conversion
rates are expected to approximate 100% in future periods.
Generate attractive ROIC: Return on invested capital
is expected to exceed 10% in Year 5, driven by synergies, working
capital improvements, and capital expenditure efficiencies.
Create opportunities for associates: Stronger
anticipated growth, plus new investments needed to drive and
support this growth, are expected to open up a wide range of new
opportunities for associates.
New Segment Structure
In conjunction with the closing, Regal Rexnord announced today
that, beginning with its first quarter 2023 earnings release, it
plans to establish a new segment structure for reporting purposes.
The new structure reflects a corresponding change in leadership as
well as the manner in which the CEO reviews financial information
to allocate resources and assess performance. Additionally, this
new structure better supports the strategic focus by the pro forma
business on driving above-market growth, primarily by leveraging
its deep application expertise and technology leadership across a
select range of end markets, to provide customers with
differentiated, and highly energy-efficient sub-systems. The new
operating segments are: Industrial Powertrain Solutions (IPS),
Power Efficiency Solutions (PES), Automation & Motion Control
(AMC) and Industrial Systems.
Industrial Powertrain Solutions (~37% of 2022 pro forma sales)
is expected to consist of the majority of the current Motion
Control Solutions (MCS) segment, excluding the conveying and
aerospace business units, plus Altra's Power Transmission
Technologies segment. The segment will be led by Jerry Morton, Executive Vice President and
President, Industrial Powertrain Solutions, who most recently
served as President - Integration for MCS. Morton's prior
experience includes four years leading the legacy Regal PTS
business prior to the 2021 merger with Rexnord PMC, and 28 years in
various management and leadership roles at Emerson.
Power Efficiency Solutions (~31%) is expected to consist of the
current Climate Solutions and Commercial Systems businesses. The
segment will be led by Scott Brown,
Executive Vice President and President, Power Efficiency Solutions.
Brown joined Regal Beloit Corporation in August 2005, after spending 17 years with General
Electric in operations and various business leadership roles, and
became President, Commercial Systems in June
2019.
Automation & Motion Control (~24%) is expected to consist of
the current MCS aerospace and conveying business units, Altra's
Automation & Specialty (A&S) segment, and the Regal Rexnord
Thomson business that is currently part of the Industrial Systems
segment. Kevin Zaba, Executive Vice
President and President, Automation & Motion Control, will
become the leader of AMC. Zaba spent the past 8 years running
Rexnord PMC and then the Regal Rexnord MCS business, which was
formed out of the 2021 merger between legacy Regal's PTS business
and Rexnord PMC. Prior to joining Rexnord, Zaba spent 24 years
working in various commercial and general management roles at
Rockwell Automation.
Industrial Systems (~8%) is expected to consist of its current
operations, excluding the Thomson business. The segment will
continue to operate with regional North American and Asian
leadership team members reporting together to the CEO, while the
Company continues its strategic review of the Global Motors and
Generators businesses.
Transaction Summary
Regal Rexnord acquired 100% of the issued and outstanding shares of
Altra common stock in an all cash transaction for $62.00 per share. The transaction values Altra at
$4.95 billion1,
representing 13.1x Altra's 2022 Adjusted EBITDA, or 9.2x after
factoring estimated run-rate cost synergies.
Advisors
J.P. Morgan and Incentrum Group are serving as financial advisors
to Regal Rexnord, and Sidley Austin LLP is serving as legal
counsel.
About Regal Rexnord
Regal Rexnord Corporation is a global leader in the engineering and
manufacturing of automation sub-systems, industrial powertrain
solutions, automation and power transmission components, electric
motors and electronic controls, air moving products, and specialty
electrical components and systems, serving customers around the
world. Through longstanding technology leadership and an
intentional focus on producing more energy-efficient products and
systems, Regal Rexnord helps create a better tomorrow – for its
customers and for the planet.
Following the acquisition of Altra, and commencing with its 1Q
2023 earnings release, Regal Rexnord will report under four
operating segments: Industrial Powertrain Solutions, Power
Efficiency Solutions, Automation & Motion Control and
Industrial Systems. Regal Rexnord is headquartered in Beloit, Wisconsin and has manufacturing,
sales, and service facilities worldwide. For more information,
visit RegalRexnord.com.
Forward Looking Statements
This release contains forward-looking statements, within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, which reflect Regal Rexnord's current estimates,
expectations and projections about Regal Rexnord's future results,
performance, prospects and opportunities. Such forward-looking
statements may include, among other things, statements about the
acquisition of Altra (the "Altra Acquisition"), the benefits and
synergies of the Altra acquisition and the updated segment
reporting structure, future opportunities for Regal Rexnord, and
any other statements regarding Regal Rexnord's future operations,
anticipated economic activity, business levels, credit ratings,
future earnings, planned activities, anticipated growth, market
opportunities, strategies, competition and other expectations and
estimates for future periods. Forward-looking statements include
statements that are not historical facts and can be identified by
forward-looking words such as "anticipate," "believe," "confident,"
"estimate," "expect," "intend," "plan," "target," "may," "will,"
"project," "forecast," "would," "could," "should," and similar
expressions. These forward-looking statements are based upon
information currently available to Regal Rexnord and are subject to
a number of risks, uncertainties, and other factors that could
cause actual results, performance, prospects or opportunities to
differ materially from those expressed in, or implied by, these
forward-looking statements. Important factors that could cause
Regal Rexnord's actual results to differ materially from the
results referred to in the forward-looking statements Regal Rexnord
makes in this release include: Regal Rexnord's substantial
indebtedness and the effects of such indebtedness on its financial
flexibility; Regal Rexnord's ability to achieve its objectives on
reducing its indebtedness on the desired timeline; dependence on
key suppliers and the potential effects of supply disruptions;
fluctuations in commodity prices and raw material costs; any
unforeseen changes to or the effects on liabilities, future capital
expenditures, revenue, expenses, synergies, indebtedness, financial
condition, losses and future prospects; the possibility that Regal
Rexnord may be unable to achieve expected benefits, synergies and
operating efficiencies in connection with the Altra acquisition and
the merger with Rexnord's Process & Motion Control business
(the "Rexnord PMC business") (together with the Altra acquisition,
the "Transactions") within the expected time-frames or at all and
to successfully integrate Altra and the Rexnord PMC business;
expected or targeted future financial and operating performance and
results; operating costs, customer loss and business disruption
(including, without limitation, difficulties in maintaining
relationships with employees, customers, clients or suppliers)
being greater than expected following the Transactions; Regal
Rexnord's ability to retain key executives and employees; the
continued financial and operational impacts of and uncertainties
relating to the COVID-19 pandemic on customers and suppliers and
the geographies in which they operate; uncertainties regarding the
ability to execute restructuring plans within expected costs and
timing; challenges to the tax treatment that was elected with
respect to the acquisition of the Rexnord PMC business and related
transactions; requirements to abide by potentially significant
restrictions with respect to the tax treatment of the Rexnord PMC
business which could limit Regal Rexnord's ability to undertake
certain corporate actions that otherwise could be advantageous;
actions taken by competitors and their ability to effectively
compete in the increasingly competitive global electric motor,
drives and controls, power generation and power transmission
industries; the ability to develop new products based on
technological innovation, such as the Internet of Things, and
marketplace acceptance of new and existing products, including
products related to technology not yet adopted or utilized in
geographic locations in which Regal Rexnord does business;
dependence on significant customers; seasonal impact on sales of
products into HVAC systems and other residential applications;
risks associated with climate change and uncertainty regarding its
ability to deliver on its climate commitments and/or to meet
related investor, customer and other third party expectations
relating to its sustainability efforts; risks associated with
global manufacturing, including public health crises and political,
societal or economic instability, including instability caused by
the conflict between Russia and
Ukraine; issues and costs arising
from the integration of acquired companies and businesses and the
timing and impact of purchase accounting adjustments; prolonged
declines in one or more markets, such as heating, ventilation, air
conditioning, refrigeration, power generation, oil and gas, unit
material handling, water heating and aerospace; economic changes in
global markets, such as reduced demand for products, currency
exchange rates, inflation rates, interest rates, recession,
government policies, including policy changes affecting taxation,
trade, tariffs, immigration, customs, border actions and the like,
and other external factors that Regal Rexnord cannot control;
product liability, asbestos and other litigation, or claims by end
users, government agencies or others that products or customers'
applications failed to perform as anticipated, particularly in high
volume applications or where such failures are alleged to be the
cause of property or casualty claims; unanticipated liabilities of
acquired businesses; unanticipated adverse effects or liabilities
from business exits or divestitures, including in connection with
its evaluation of strategic alternatives for the Industrial Systems
operating segment; Regal Rexnord's ability to identify and execute
on future M&A opportunities, including significant M&A
transactions; the impact of any such M&A transactions on Regal
Rexnord's results, operations and financial condition, including
the impact from costs to execute and finance any such transactions;
unanticipated costs or expenses that may be incurred related to
product warranty issues; infringement of intellectual property by
third parties, challenges to intellectual property, and claims of
infringement on third party technologies; effects on earnings of
any significant impairment of goodwill; losses from failures,
breaches, attacks or disclosures involving information technology
infrastructure and data; costs and unanticipated liabilities
arising from rapidly evolving data privacy laws and regulations;
cyclical downturns affecting the global market for capital goods;
and other risks and uncertainties including, but not limited, to
those described in the section entitled "Risk Factors" in Regal
Rexnord's Annual Report on Form 10-K on file with the SEC and from
time to time in other filed reports including Regal Rexnord's
Quarterly Reports on Form 10-Q. For a more detailed description of
the risk factors associated with Regal Rexnord, please refer to
Part I, Item 1A in the Regal Rexnord Annual Report on Form 10-K for
the fiscal year ended December 31,
2022 on file with the SEC and subsequent SEC filings.
Shareholders, potential investors, and other readers are urged to
consider these factors in evaluating the forward-looking statements
and are cautioned not to place undue reliance on such
forward-looking statements. The forward-looking statements included
in this release are made only as of the date of this release and
Regal Rexnord undertakes no obligation to update any
forward-looking information contained in this release or with
respect to the announcements described herein to reflect subsequent
events or circumstances.
Non-GAAP Measures (Unaudited)
(Dollars in Millions, Except per Share Data)
Regal Rexnord prepares financial statements in accordance with
accounting principles generally accepted in the United States of America ("GAAP"). Regal
Rexnord also periodically discloses certain financial measures in
its quarterly earnings releases, on investor conference calls, and
in investor presentations and similar events that may be considered
"non-GAAP" financial measures. This additional information is not
meant to be considered in isolation or as a substitute for Regal
Rexnord's results of operations prepared and presented in
accordance with GAAP.
In this press release, Regal Rexnord discloses the following
non-GAAP financial measures: adjusted diluted earnings per share,
adjusted EBITDA, adjusted EBITDA margin, adjusted gross profit,
adjusted gross margin, net debt, adjusted net income attributable
to Regal Rexnord, free cash flow, free cash flow as a percentage of
adjusted net income attributable to Regal Rexnord (or free cash
flow conversion). Regal Rexnord defines these non-GAAP
financial measures as follows:
- "Adjusted diluted earnings per share" is defined as diluted
earnings per share adjusted for (i) restructuring and related
costs, (ii) transaction and related costs, (iii) impairments and
exit related costs, (iv) goodwill impairment, (v) inventory step up
adjustment, (vi) gain on sale of assets and (vi) share-based
compensation expense.
- "Adjusted EBITDA" is defined as net income (loss) adjusted for
(i) interest expense, (ii) interest income, (iii) taxes, (iv)
restructuring and related costs, (v) transaction and related costs,
(vi) impairments and exit related costs, (vii) goodwill impairment,
(viii) inventory step up adjustment, (ix) gain on sale of assets,
(x) depreciation, (xi) amortization and (xii) share-based
compensation expense.
- "Adjusted EBITDA margin" is defined as Adjusted EBITDA as a
percentage of net sales.
- "Adjusted gross profit" is defined as gross profit adjusted for
(i) restructuring and related costs, (ii) inventory step up
adjustment and (iii) gain on sale of assets.
- "Adjusted gross margin" is defined as Adjusted gross profit as
a percentage of net sales.
- "Net Debt" is defined as total long-term debt adjusted for
cash.
- "Adjusted net income attributable to Regal Rexnord" is defined
as Net Income Attributable to Regal Rexnord Corporation adjusted
for (i) goodwill impairments, (ii) impairments and exit related
costs and (iii) acquisition-related costs.
- ''Free Cash Flow'' is defined as net cash provided by operating
activities adjusted for additions to property plant and equipment
and acquisition-related costs.
Regal Rexnord believes that these non-GAAP financial measures
are useful measures for providing investors with additional
information regarding its results of operations and for helping
investors understand and compare its operating results across
accounting periods and compared to its peers. Regal Rexnord's
management primarily uses adjusted diluted earnings per share,
adjusted EBITDA, adjusted EBITDA margin, adjusted gross profit,
adjusted gross margin, net debt, adjusted net income attributable
to Regal Rexnord, free cash flow and free cash flow conversion to
help it evaluate its business and forecast its future results.
Accordingly, Regal Rexnord believes disclosing each of these
measures helps investors evaluate its business in the same manner
as management. For certain forward-looking non-GAAP measures (as
used in this press release, adjusted EBITDA, adjusted EBITDA
margin, adjusted gross margin, net debt, free cash flow and free
cash flow conversion), Regal Rexnord is unable to provide a
reconciliation to the most comparable GAAP financial measure
because the information needed to reconcile these measures is
dependent upon future events, many of which are outside of
management's control as described above. Additionally, estimating
such GAAP measures and providing a meaningful reconciliation
consistent with its accounting policies for future periods is
extremely difficult and requires a level of precision that is
unavailable for these future periods and cannot be accomplished
without unreasonable effort. Forward-looking non-GAAP measures are
estimated consistent with the relevant definitions and
assumptions.
In addition to these non-GAAP measures, Regal Rexnord uses the
term "organic sales growth" to refer to the increase in its sales
between periods that is attributable to organic sales. "Organic
sales" to refers to GAAP sales from existing operations excluding
any sales from acquired businesses recorded prior to the first
anniversary of the acquisition and excluding any sales from
business divested/to be exited recorded prior to the first
anniversary of the exit and excluding the impact of foreign
currency translation. The impact of foreign currency translation is
determined by translating the respective period's organic sales
using the currency exchange rates that were in effect during the
prior year periods.
1 Includes an equity valuation of $4.11 billion or $62.00 per Altra share and the assumption of
$837 million of net debt as of
December 31, 2022.
2023 Adjusted Annual Guidance for Legacy Regal Rexnord
(a)
|
|
Minimum
|
|
Maximum
|
2023 GAAP Diluted EPS
Annual Guidance
|
|
$
5.64
|
|
$
6.44
|
Restructuring and
Related Costs
|
|
0.82
|
|
0.82
|
Intangible
Amortization
|
|
2.22
|
|
2.22
|
Share-Based
Compensation Expense
|
|
0.32
|
|
0.32
|
Transaction and Related
Costs (b)
|
|
1.05
|
|
1.05
|
2023 Adjusted Diluted
EPS Annual Guidance
|
|
$
10.05
|
|
$
10.85
|
|
|
(a)
|
The Company's GAAP
guidance includes financing costs and net interest expense on the
senior notes issued in January 2023, but excludes other financial
impacts and contributions of the Altra acquisition. The Company's
adjusted guidance excludes all financial impacts and contributions
from the acquisition of Altra.
|
(b)
|
Includes Altra
acquisition-related financing costs and incremental net interest
expense on new debt in connection with the acquisition.
|
Regal Rexnord Reconciliation to Adjusted
EBITDA
|
|
|
|
Dec 31,
2022
|
Net Income
|
|
|
$
494.9
|
Plus: Income
Taxes
|
|
|
118.9
|
Plus: Interest
Expense
|
|
|
87.2
|
Less: Interest
Income
|
|
|
(5.2)
|
Plus:
Depreciation
|
|
|
121.9
|
Plus:
Amortization
|
|
|
185.5
|
|
|
|
|
|
Plus: Restructuring and
Related Costs (a)
|
|
|
58.6
|
Plus: Transaction and
Related Costs (b)
|
|
|
24.3
|
Plus: Goodwill
Impairment
|
|
|
—
|
Plus: Inventory Step
Up
|
|
|
5.5
|
Plus: Impairments and
Exit Related Costs
|
|
|
0.9
|
Less: Gain on Sale of
Assets
|
|
|
(3.3)
|
Plus: Share-Based
Compensation
|
|
|
22.5
|
Adjusted EBITDA
|
|
|
$
1,111.7
|
|
|
|
|
Net Sales
|
|
|
$
5,217.9
|
|
|
|
|
Adjusted EBITDA Margin
|
|
|
21.3 %
|
|
|
(a)
|
Relates to costs
associated with actions taken for employee reductions, facility
consolidations and site closures, product line exits and other
asset charges.
|
(b)
|
Primarily relates to
legal, professional service and financing costs (as applicable)
associated with the acquisition of Altra, the merger with the
Rexnord PMC business, the acquisition of the Arrowhead business and
the strategic review of the Industrial Systems operating
segment.
|
Regal Rexnord Reconciliation to Adjusted Gross
Margin
|
|
|
Dec 31,
2022
|
Gross
Profit
|
|
|
$
1,669.7
|
Plus: Restructuring and
Related Costs (a)
|
|
|
50.2
|
Plus: Inventory Step
Up
|
|
|
5.5
|
Less: Gain on Sale of
Assets
|
|
|
(3.3)
|
Adjusted Gross Profit
|
|
|
$
1,722.1
|
|
|
|
|
Net Sales
|
|
|
$
5,217.9
|
|
|
|
|
Adjusted Gross Margin
|
|
|
33.0 %
|
|
|
(a)
|
Relates to costs
associated with actions taken for employee reductions, facility
consolidations and site closures, product line exits and other
asset charges.
|
Altra Industrial Motion Reconciliation to Adjusted
EBITDA
|
Dec 31,
2022
|
Net Income
|
$
127.0
|
Plus: Income
Taxes
|
62.3
|
Plus: Interest
Expense
|
51.5
|
Plus:
Depreciation
|
39.0
|
Plus:
Acquisition-Related Amortization Expense
|
55.2
|
Plus: Share-Based
Compensation
|
15.3
|
Plus: Impairment
Charges
|
13.2
|
Plus:
Acquisition-Related Expenses
|
10.6
|
Plus:
Restructuring
|
5.2
|
Plus: Customer
Accommodation and Other Non-Recurring Charges
|
3.0
|
Plus: Amortization of
Inventory Fair Value Adjustment
|
2.4
|
Plus: Loss on Foreign
Currency and Other Net
|
2.1
|
Plus: Consolidation
Costs
|
1.7
|
Less: Jacobs Vehicle
Systems Divestiture
|
(9.8)
|
Adjusted EBITDA
|
$
378.7
|
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SOURCE Regal Rexnord Corporation