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Regal Beloit history
Regal Beloit company history timeline
Established in 1955, Beloit Tool Corporation made cutting tools and gear boxes.
Although Packard was forced to admit that because of the recession Regal-Beloit's sales volumes were "significantly reduced," it had done better than many of its smaller competitors, which now presented themselves as attractive acquisition targets. It had achieved an average annual return on investment of 17.2 percent (despite little use of debt) between 1955 and the move to the new building, had raised cash dividends 26 times in those 31 years, and had declared 123 consecutive quarterly payments without a dividend reduction.
In 1957 Taylor acquired Crest Tool Industries, a cutting tool company that specialized in providing tools to United States government purchasing agencies, and two years later Beloit Tool had passed the $100 million sales level.
In 1973 Taylor officially changed Beloit Tool's name to Regal-Beloit (after, some said, a type of flower) and continued his strategy of expanding its market share and diversifying its business niche by acquiring promising companies in its basic power transmission and cutting tools lines.
Turning to the power transmission segment, in mid-1978, Taylor purchased Orbmark Company, the developer of a high-torque, low-speed hydraulic motor, and a year later he brought James Packard, a seasoned corporate manager from PepsiCo's Frito-Lay division, on board Regal-Beloit's management team.
In expectation of the huge sales potential of foreign markets, in 1979 Taylor also unveiled Regal-Beloit International Sales Corporation, which he headquartered in the firm's Beloit offices.
Packard returned to the acquisition waters again in 1985 with the purchase of Noster Industries Inc. of Michigan and National Twist Drill of Columbia, South Carolina, a producer of large-volume drills, taps, end mills, gages, and reamers.
After three decades at Regal-Beloit's helm, Taylor finally relinquished the chairmanship to Packard in 1986.
In May 1990, Regal-Beloit broke ground on a new $2.4 million world headquarters building in downtown Beloit, signaling its aim to return to its original Wisconsin roots after 27 years on the other side of the Illinois border.
When it opened in March 1991, the 24,000-square-foot building housed Regal-Beloit's corporate offices, data processing center, and advertising, accounting, and personnel departments in a light-flooded design intended to avoid a "factory" feel.
With sales arcing past $152 million, two more acquisitions--hydraulic pump drive manufacturers Hub City, Inc. of Aberdeen, South Dakota, in April 1992 and Terrell Gear Drives, Inc. of Charlotte, North Carolina, in November--boosted Regal-Beloit's sales to $199.8 million by year-end.
By the end of 1993 Regal-Beloit's total sales had edged up to $220 million.
In 1996, Regal-Beloit serviced the $1.5 billion market for power transmission equipment and commercial cutting tools through several divisions (each offering complete product lines for their individual markets) and operated 17 domestic and three overseas plants/service/distribution centers.
Buying only bug-free products from reliable dealers, Regal-Beloit by 1996 was saving $3 million annually on equipment purchases.
By the end of 2004, approaching our 50th year of operation, our annual sales reached $756 million.
2007: Morrill Motors, Inc., of Erwin, TN (fractional horsepower motors for commercial refrigeration).
In 2012, Milwaukee Gear was acquired by Regal Beloit Corporation.
2013: RAM Industries division of Schneider Electric (250 to 2500 HP HVAC motors)
By the end of 2015, the company’s total sales were $3.5 billion.
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Regal Beloit competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| LEESON Electric | 1972 | $33.0M | 125 | - |
| ABB Motors and Drives US | 1920 | $1.5B | 5,500 | - |
| McGill Manufacturing Co Inc | 1905 | $94.0M | 400 | - |
| TECO-Westinghouse | - | $110.0M | 353 | 36 |
| The Timken Company | 1899 | $4.6B | 17,000 | 225 |
| Tenax | 1960 | $37.0M | 100 | 12 |
| Universal Metal | 1946 | - | 250 | - |
| A. O. Smith | 1904 | $3.8B | 15,100 | 37 |
| Kent Adhesive Products | 1974 | $38.5M | 86 | 16 |
| Leading Technology Composites | 1993 | $61.0M | 108 | 6 |
Regal Beloit history FAQs
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Regal Beloit may also be known as or be related to Regal Beloit, Regal Beloit Corp., Regal Beloit Corporation, Regal Rexnord Corp and Regal Rexnord Corporation.