GE sells Springfield HVAC plant

The Springfield General Electric Co. plant is one of four that has been purchased by Wisconsin-based Regal-Beloit Corp. The change in ownership is part of Regal-Beloit’s purchase of GE Commercial & Industrial’s HVAC/Refrigeration Motors and Capacitors operation. The $379 million transaction is expected to close by the end of the year, subject to required regulatory approval, according to a Regal-Beloit news release.

In addition to the Springfield plant, the others affected by the deal are in Fort Wayne, Ind., Reynosa, Mexico and Faridabad, India. Regal-Beloit said that no jobs should be affected in the Springfield plant.

In a company release, Regal-Beloit CEO James L. Packard said, “The acquisition of GE’s HVAC/Refrigeration Motor and Capacitor operations is another significant step in our strategy to expand our end markets and product offering. Additionally, the acquisition adds four outstanding facilities to our manufacturing footprint and continues our strategy to expand our manufacturing capabilities on a global basis.”

Regal-Beloit Corp. stock (AMEX: RBC) sold for $27.49 a share at press time.

In other GE news, the company has agreed to terms on a deal to purchase SPX Corp.’s Edwards System Technology business. Edwards, based in Charlotte, N.C., makes and markets fire-detection and safety systems, as well as communications systems for schools and health care facilities. The deal should be complete in the first quarter of 2005, subject to conditions and antitrust approval.

General Electric stock (NYSE: GE) was listed at $36.35 per share at press time.