Rexnord Corporation

Last updated
Rexnord Corporation
Company typeSubsidiary
Founded1891;134 years ago (1891)
FounderChristopher Levalley
Headquarters511 W Freshwater Way, ,
Owner Regal Rexnord Corporation
Number of employees
8,000 (2016) [1]
Website https://www.regalrexnord.com/

Rexnord Corporation is a Milwaukee, Wisconsin-based subsidiary of Regal Rexnord Corporation. It was founded in 1891 by Christopher Levalley and incorporated in 1892 as the Chain Belt Company. It had $67.5 million in profit and $1.9 billion in sales in 2016. [1] The company was the focus of a critical investigation by the New York Times, as a Milwaukee-based facility was to be moved from the US to Mexico in 2017. [2]

History

Rexnord was founded as the Chain Belt Company by inventor Christopher W. Levalley at the age of 58. Levalley, along with Chain Belt co-founders F.W. Sivyer and W.A. Draves, held the first board of directors meeting on September 9, 1891. Chain Belt was incorporated in the state of Wisconsin on February 24, 1892.[ citation needed ]

Rexnord Corporations consists of two main divisions: Process and Motion Control (which focuses on industrial drives, gears, bearings, conveying systems, electronic controls, and associated software, as well as airplane mechanical parts), and Water Management (which is focused on plumbing components and related appurtenances for commercial, industrial, municipal, and institutional settings).

In 2016, Rexnord opened its new Water Management platform headquarters in Milwaukee, Wisconsin. [3]

In December 2016, President-elect Donald Trump criticized the company for closing its Indianapolis operations, leaving all 300+ employees at the facility without jobs, as Rexnord Corporation moved the facility to Monterey Mexico to capitalize on the cheap labor available in the region.

In April 2021, Rexnord completed the spin-off of its Water Management Division as Zurn Water Solutions Corporation. [4]

In October 2021, Rexnord completed its merger with Regal Beloit Corporation, creating Regal Rexnord Corporation. [5] [6]

Related Research Articles

<span class="mw-page-title-main">Kohl's</span> American department store chain

Kohl's is an American department store retail chain, operated by Kohl's Corporation. It currently has 1,165 locations, operating stores in every U.S. state except Hawaii. The company was founded by Polish immigrant Maxwell Kohl, who opened a corner grocery store in Milwaukee, Wisconsin, in 1927. It went on to become a successful chain in the local area, and in 1962 the company branched out by opening its first department store. British American Tobacco Company took a controlling interest in the company in 1972 while still managed by the Kohl Family, and in 1979, the corporation was sold to BATUS Inc. A group of investors purchased the company in 1986 from British American Tobacco and took it public in 1992.

<span class="mw-page-title-main">Brookfield Corporation</span> Canadian asset management company

Brookfield Corporation is a Canadian multinational company that is one of the world's largest alternative investment management companies, with over US$900 billion of assets under management in 2023. It focuses on direct control investments in real estate, renewable power, infrastructure, credit and private equity. The company invests in distressed securities through Oaktree Capital, which it bought in 2019. Brookfield's headquarters are in Toronto.

<span class="mw-page-title-main">GE HealthCare</span> American multinational medical technology company

GE HealthCare Technologies, Inc., organized in Delaware and headquartered in Chicago, Illinois, focuses on health technology. The company operates 4 divisions: Medical imaging, which includes molecular imaging, computed tomography, magnetic resonance, women’s health screening and X-ray systems; Ultrasound; Patient Care Solutions, which is focused on remote patient monitoring, anesthesia and respiratory care, diagnostic cardiology, and infant care; and Pharmaceutical Diagnostics, which manufactures contrast agents and radiopharmaceuticals.

<span class="mw-page-title-main">Johnson Controls</span> Building systems and facility management firm based in Cork, Ireland

Johnson Controls International plc is an American, Irish-domiciled multinational conglomerate headquartered in Cork, Ireland, that produces fire, HVAC, and security equipment for buildings. As of mid-2019, it employed 105,000 people in around 2,000 locations across six continents. In 2017 it was listed as 389th in the Fortune Global 500. It became ineligible for the Fortune 500 in subsequent years since it relocated its headquarters outside the U.S.

<span class="mw-page-title-main">Regal Cinemas</span> Movie theater chain in the United States

Regal Cinemas is an American movie theater chain that operates the second-largest theater circuit in the United States, with 6,853 screens in 511 theaters as of December 31, 2021. Founded on August 10, 1989, it is owned by the British company Cineworld and headquartered in Knoxville, Tennessee. The three main theater brands operated by Regal Entertainment Group are Regal Cinemas, Edwards Theatres, and United Artists Theatres.

<span class="mw-page-title-main">Hess Corporation</span> American global energy company

Hess Corporation is an American global independent energy company involved in the exploration and production of crude oil and natural gas. It was formed by the merger of Hess Oil and Chemical and Amerada Petroleum in 1968. Leon Hess was CEO from the early 1960s through 1995, after which his son John B Hess succeeded him as chairman and CEO. The company has agreed to be acquired by rival oil company Chevron.

<span class="mw-page-title-main">Carrier Global</span> American air conditioning company

Carrier Global Corporation is an American multinational heating, ventilation, and air conditioning (HVAC), refrigeration, and fire and security equipment corporation based in Palm Beach Gardens, Florida. Carrier was founded in 1915 as an independent company manufacturing and distributing HVAC systems, and has since expanded to include manufacturing commercial refrigeration and food service equipment, and fire and security technologies.

Metavante Technologies, Inc., through its subsidiary, Metavante Corporation, provided financial technology services, software and financial services regulatory advice and consulting to its customers, consisting primarily of small to large sized financial institutions. The $1.5 billion organization was headquartered in Milwaukee, Wisconsin, and employed over 5,600 employees in 35 U.S. cities. On October 1, 2009, Metavante was acquired by Fidelity National Information Services.

<span class="mw-page-title-main">Milwaukee Tool</span> Power tool manufacturer

Milwaukee Electric Tool Corporation, known more commonly as Milwaukee Tool, is a multi-national company that develops, manufactures, and markets power tools, hand tools, tool accessories, tool storage, and personal protective equipment. Milwaukee Tool was last sold in 2005 for $626.6 million to the Hong Kong–based Techtronic Industries, also known as TTI Group. The company is now a subsidiary of TTI Group alongside brands like AEG, Ryobi, Hoover, Dirt Devil, and Vax. In 2022, $206 million was invested in Wisconsin research and development facilities.

WEC Energy Group is an American company based in Milwaukee, Wisconsin that provides electricity and natural gas to 4.4 million customers across four states.

Regal Rexnord Corporation is a manufacturer of electric motors and power transmission components based in Milwaukee, Wisconsin. The company has manufacturing, sales, and service facilities throughout the United States, Canada, Mexico, Europe and Asia, with about 29,000 employees.

<span class="mw-page-title-main">WEG Industries</span> Brazilian electronics company

WEG S.A. is a Brazilian company operating worldwide in the electric engineering, power and automation technology areas, headquartered in Jaraguá do Sul, Brazil. The company produces electric motors, generators, alternators, transformers, turbines, BESS, drives, coatings, and provides industrial automation services, among other products and integrated solutions related to electric systems.

The Falk Corporation explosion refers to a large and fatal propane gas explosion at a Falk Corporation building in the industrial Menomonee River Valley neighborhood of Milwaukee, Wisconsin on December 6, 2006. Three people were killed and forty-seven others injured. Cars were reportedly flipped through the air and debris scattered over several blocks. An investigation of the cause of the disaster uncovered leaks in a pipe running below the building, which supplied propane to the heating system for the complex. Several parties involved in the explosion have launched legal action in connection to the accident.

Associated Banc-Corp is a U.S. regional bank holding company providing retail banking, commercial banking, commercial real estate lending, private banking and specialized financial services. Headquartered in Green Bay, Wisconsin, Associated is a Midwest bank with from more than 220 banking locations serving more than 100 communities throughout Wisconsin, Illinois and Minnesota. The company also operates loan production offices in Indiana, Michigan, Missouri, New York, Ohio and Texas.

<span class="mw-page-title-main">Apollo Global Management</span> American private equity company

Apollo Global Management, Inc. is an American asset management firm that primarily invests in alternative assets. As of 2022, the company had $548 billion of assets under management, including $392 billion invested in credit, including mezzanine capital, hedge funds, non-performing loans, and collateralized loan obligations, $99 billion invested in private equity, and $46.2 billion invested in real assets, which includes real estate and infrastructure. The company invests money on behalf of pension funds, financial endowments, and sovereign wealth funds, as well as other institutional and individual investors.

Brookdale Senior Living Solutions owns and operates retirement homes across the United States. The company was established in 1978 and is based in Brentwood, Tennessee. It is the largest operator of senior housing in the United States, with over 60,000 residents.

<span class="mw-page-title-main">Altra Industrial Motion</span> American power transmission manufacturer

Altra Industrial Motion Corp. is an American manufacturer of mechanical power transmission products – brakes, clutches, couplings, and the like. The company is headquartered in Braintree, Massachusetts.

<span class="mw-page-title-main">Molson Coors</span> Multinational beverage and brewing company

Molson Coors Beverage Company is a Canadian-American multinational drink and brewing company headquartered in Chicago, Illinois, with main offices in Golden, Colorado, and Montreal, Quebec.

Chain Belt Company was an agricultural equipment manufacturer in the US. It produced chain belts specifically to replace leather-based belts, which were used inside engine-powered agricultural equipment at the time.

Aurelius Group is a German investment company with offices in five European countries. The company focuses on alternative investment, private equity, private debt and real estate investments.

References

  1. 1 2 Barrett, Rick (December 9, 2016). "Rexnord workers caught in Trump vs. union war of words". USA Today. Retrieved 2016-12-10.
  2. Stockman, Farah (14 October 2017). "Becoming a Steelworker Liberated Her. Then Her Job Moved to Mexico". The New York Times.
  3. "Zurn Opens New Headquarters". Milwaukee Journal Sentinel. Retrieved 1 January 2017.
  4. Zurn Water Solutions Completes Spin-Off investors.zurnwatersolutions.com, retrieved 2021-10-10 2021
  5. "Regal completes merger with Rexnord PMC, creating Regal Rexnord Corporation". Electronics360.globalspec.com. 2021-10-07. Retrieved 2021-10-08.
  6. "Regal to Combine With Rexnord's PMC Segment, Creating World-class Power Transmission Provider". investors.zurnwatersolutions.com. 2021-02-16. Retrieved 2022-03-22.