The future of AO Smith’s operation located at 531 N Fourth Street in Tipp City, Ohio remains uncertain as news broke this morning that Wisconsin’s Regal Beloit Corporation purchased the AO Smith electric motor division for $875 million.
According to the officially prepared statement, the sale makes Regal Beloit Corporation the largest North American manufacturer of electric motors for residential and commercial applications.
We spoke with President of the Tipp City Area Chamber of Commerce, Matt Owen who shared “AO Smith has been around as long as the Chamber has, in fact the Tipp City Chamber of Commerce purchased and donated the land to AO Smith so that they could located their business here… it may have been our (the Chamber) very first documented example of proactive economic development”
The Board of Directors of the Chamber will be meeting in January, and this will be a topic of discussion for the executive body. “We want to reach out to Regal Beloit to let them know that we are here and also to let them know what great business partners and Chamber members AO Smith has been over the years”, said Owen.
As more news breaks on this, TippNews DAILY will be sure to send out updates to our subscribers. Find out more about the new owners of AO Smith’s electric motor division at their website, http://www.regalbeloit.com/
In other AO Smith news, A. O. Smith Corporation also announced today a 3 for 2 stock split which became effective this morning with the opening of the market. As part of the transaction, holders of the company’s Common Stock and Class A Common Stock received one additional identical share of such class of stock for every two shares they owned as of the October 29 record date.