West Milwaukee-based Rexnord Corp. today announced that it plans to go public with an initial public offering (IPO) of its common stock.
The company plans to use $300 million of the proceeds from the stock sale to pay off debt.
Rexnord had a net loss of $51.3 million during its last fiscal year, which ended on March 31. The company had net sales of $1.7 billion during the fiscal year.
Formerly known as Rexnord Holdings Inc., Rexnord Corp. is the parent company of RBS Global Inc. and Rexnord LLC. Rexnord is comprised of two strategic platforms, Process & Motion Control and Water Management. The Process & Motion Control platform manufactures mechanical components used within complex systems. The Water Management platform manufactures products for water systems.
Rexnord has approximately 6,300 employees at 59 locations around the world.
About 94 percent of the company's common stock is currently owned by Apollo Management VI L.P., an affiliate of New York-based private equity group Apollo Management L.P.
Rexnord to go public
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