Tags: Rexnord | Shares | Options | Sale

Rexnord Shares Leap as It Weighs Options Including Sale

Monday, 11 Feb 2013 05:47 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

Shares of Rexnord Corp., the ball-bearing maker owned by Apollo Global Management LLC, surged in late trading Monday after the company said it hired Goldman Sachs Group Inc. to review options including a sale.

The alternatives under study also include selling pieces of the company, whose businesses make motion-control and water- management equipment, or keeping the status quo, Milwaukee-based Rexnord said in a statement Monday. The company held an initial public offering in March of last year.

Rexnord supplies parts for Boeing Co.’s 737 narrow-body jet as well as its 747, 777 and 787 Dreamliner wide-body planes, according to the company’s website. General Electric Co. and United Technologies Corp.’s Pratt & Whitney unit use Rexnord products in their jet engines, the website said.

The shares jumped 13 percent to $22.90 in extended trading, after falling 0.4 at the close in New York. Rexnord had gained 12 percent since its IPO.

Apollo purchased Rexnord in 2006 and retained a 65 percent stake in the company as of Oct. 1, according to data compiled by Bloomberg.

© Copyright 2014 Bloomberg News. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
You May Also Like
Around the Web

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved