Regal Beloit completes public offering round; WMEP announces grant funds for manufacturers
Regal Beloit completes public offering round
Beloit-based Regal Beloit Corp., a manufacturer of mechanical and electrical motion control and power generation products, has completed a public offering of more than 4.3 million shares of common stock to the general public. The company expects to generate more than $150 million in net proceeds from the sale, after deducting underwriting discounts and commissions, and other expenses.
Regal Beloit will use the proceeds from the sale for general corporate and working capital purposes, which could include repayment of long-term debt and funding of future acquisitions.
Underwriting for the offering was provided by Milwaukee’s R.W. Baird & Co.
WMEP announces grant funds for manufacturers
Grant funds are available to help area manufacturers achieve profitable growth and improve their business performance.
The Wisconsin Manufacturing Extension Partnership (WMEP) announced matching grants for small and midsize manufacturers can be obtained through a program offered by the Wisconsin Department of Commerce. The Next Generation Manufacturing program provides grants in the range of $5,000 to $6,500 to pay up to 50 percent of project costs for services delivered by WMEP. The remaining project costs will be paid by the company.
“At a time when many manufacturers are struggling, this assistance can be instrumental in setting the stage for future growth and profitability,” said Mike Klonsinski, executive director for WMEP, a nonprofit consulting organization that helps manufacturers grow and succeed.
Grant funds can be used to defray the cost of projects focused in one of two areas: lean transformation or business growth.