Company:Rexnord Corporation
 | |
| Type | Public |
|---|---|
| NYSE: RXN Russell 2000 Component | |
| Founded | 1891 |
| Founder | Christopher Levalley |
| Headquarters | 511 W Freshwater Way, Milwaukee , |
| Owner | Regal Rexnord Corporation |
Number of employees | 8,000 (2016)[1] |
| Website | https://www.regalrexnord.com/ |
Rexnord Corporation is a Milwaukee, Wisconsin-based company listed on the New York Stock Exchange (NYSE: RXN).[2] It was founded in 1891 by Christopher Levalley and incorporated in 1892 as the Chain Belt Company.[2][3][4] 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.[5]
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.[6]
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 they moved the facility to Monterey Mexico to capitalize on the cheap labor available in the region.
Im April 2021, Rexnord completed the spin-off of its Water Management Division as Zurn Water Solutions Corporation.[7]
In October 2021, Rexnord completed its merger with Regal Beloit Corporation, creating Regal Rexnord Corporation.[8]
References
- ↑ 1.0 1.1 Barrett, Rick (December 9, 2016). "Rexnord workers caught in Trump vs. union war of words". USA Today. https://www.usatoday.com/story/money/nation-now/2016/12/09/rexnord-employees-caught-trump-union-word-war/95189948/. Retrieved 2016-12-10.
- ↑ 2.0 2.1 "Company Overview of Rexnord LLC". https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=327230. Retrieved 2016-12-10.
- ↑ "Rexnord Couplings". https://www.rexnord.com/Products-Services/Process-Motion-Control/Couplings.
- ↑ "Friday Photos: Zurn HQ Rising in Reed Street Yards". http://urbanmilwaukee.com/2016/07/22/friday-photos-zurn-hq-rising-in-reed-street-yards/.
- ↑ Stockman, Farah (14 October 2017). "Becoming a Steelworker Liberated Her. Then Her Job Moved to Mexico". The New York Times. https://www.nytimes.com/2017/10/14/us/union-jobs-mexico-rexnord.html.
- ↑ "Zurn Opens New Headquarters". Milwaukee Journal Sentinel. https://www.jsonline.com/story/money/real-estate/commercial/2017/01/25/zurn-opens-new-headquarters-reed-street-yards/96992084/. Retrieved 1 January 2017.
- ↑ Zurn Water Solutions Completes Spin-Off investors.zurnwatersolutions.com, retrieved 2021-10-10 2021
- ↑ "Regal completes merger with Rexnord PMC, creating Regal Rexnord Corporation". 2021-10-07. https://electronics360.globalspec.com/article/17277/regal-completes-merger-with-rexnord-pmc-creating-regal-rexnord-corporation.
Bibliography
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