West Milwaukee-based Rexnord Holdings Inc., the parent company of RBS Global Inc. and Rexnord LLC, recently filed for a proposed initial public offering of its common stock. The company plans to list its common stock on the New York Stock Exchange, under the ticker symbol "RXN." The proceeds from the stock offering, estimated at up to $750 million, will be used to repay indebtedness and for "general corporate purposes," the company said.
Apollo Management, the private equity firm that purchased Rexnord in 2006, will not exit the business with the IPO, said Todd Adams, senior vice president and chief financial officer for Rexnord. "These will be new Rexnord shares," he said. Sale price or number of shares to be issued have not been determined, Adams said.
Rexnord has about 7,400 employees worldwide. Adams would not say how many employees the company has locally. Rexnord is a manufacturer with two divisions, power transmission and water management. The company’s power transmission products include gears, couplings, industrial bearings, flattop, aerospace bearings and seals, special components and industrial chain, and conveying equipment. The company’s water management products include professional grade specification plumbing, water treatment and waste water control products.