Regal Beloit Corp. said Tuesday, July 9, 2013 it will close its Springfield, Mo., facility that employs 330 people.
The Beloit-based manufacturer of electric motors, mechanical and electrical motion controls and power generation products will transfer the manufacturing of motors and components for use in residential HVAC applications to other facilities in the U.S. and Mexico over the next 18 months.
Regal Beloit (NYSE: RBC) is consolidating to remain globally competitive, make its plants more uniform and boost cycle times, it said.
The company expects to pay $13 million in restructuring and other expenses, with $4 million of that occurring this fiscal year. It will also spend about $9 million on capital investment as part of the transition.
Company leaders expect to generate annual ongoing savings from the move starting next year.
Regal Beloit reports second quarter earnings on July 31.