From a number of sources, I’ve received copies of this email:
From Keith Nosbusch
11/07/2006 08:46 AM
Subject: Baldor Electric Company to purchase Dodge mechanical and Reliance Electric motors business
I am writing to update you about the sale process for our Dodge® mechanical and Reliance Electric™ motors and motor repair services businesses. Today, we entered into a definitive agreement to sell these businesses to the Baldor Electric Company for $1.8 billion, comprised of $1.75 billion in cash and $50 million in Baldor common stock. The transaction is subject to regulatory approval and is expected to close early in the first quarter of calendar year 2007.
I am delighted with this outcome. Baldor is a great company with an outstanding management team. There is a compelling cultural and strategic fit between Baldor and our Reliance and Dodge businesses. Both organizations have similar operating philosophies and are committed to treating employees with respect, delivering high quality products and providing excellent service to our customers. Power Systems will benefit significantly from ownership dedicated to investing on a global basis to create a leading motors and power transmission business.
I want to assure you that while we are working to complete this transaction, it will remain business as usual. It is important for all of us to continue to focus on our responsibilities and provide our customers with the highest standard in all our products and services.
For employees who will remain at Rockwell Automation, this means an even greater focus on integrated architecture and power control to meet customers’ business needs. We have a very exciting future and will keep you updated as we complete this transaction.
According to previous Rockwell comments, Rockwell will retain the Reliance Electric- and Reliance-branded drives and related parts and services business after the sale.