Tags: Rexnord | Shares | Options | Sale

Rexnord Shares Leap as It Weighs Options Including Sale

Monday, 11 Feb 2013 05:47 PM

 

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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.

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