WASHINGTON, D.C. 20549
___________________________________________
FORM 10-K
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2000 Commission file number 1-7283
REGAL-BELOIT CORPORATION
(Exact Name of Registrant as Specified
in Its Charter)
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Registrant's telephone number, including area code: (608) 364-8800
Securities registered pursuant to Section 12 (b) of the Act:
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Securities registered pursuant to
Section 12 (g) of the Act ..............................................None
(Title of Class)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No___
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. X
The aggregate market value of the voting stock held by non-affiliates of the registrant as of March 9, 2001 was approximately $393,400,000.
On March 9, 2001 the registrant had
outstanding 20,858,982 shares of common stock, $.01 par value, which is
registrant's only class of common stock.
Documents Incorporated by Reference
Documents Form 10-K Reference
Annual Report to Shareholders for Year Ended December 31, 2000 I, II, IV
Proxy Statement for Annual Shareholders Meeting to be Held on April 18, 2001 III
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REGAL-BELOIT CORPORATION
Index to
Annual Report on Form 10-K
For the Year Ended December 31, 2000
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| PART I | ||
| Item 1. | Business |
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| Item 2. | Properties |
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| Item 3. | Legal Proceedings |
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| Item 4. | Submission of Matters To A Vote of Security Holders |
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| PART II | ||
| Item 5. | Market for the Registrant's Common Equity and Related Shareholder Matters |
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| Item 6. | Selected Financial Data |
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| Item 7. | Management's
Discussion and Analysis of Financial Condition and Results
of Operations Operations |
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| Item 8. | Financial Statements and Supplementary Data |
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| Item 9. | Changes In
and Disagreements with Accountants on Accounting and
Financial Disclosure Financial Disclosure |
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| PART III | ||
| Item 10. | Directors and Executive Officers of the Registrant |
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| Item 11. | Executive Compensation |
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| Item 12. | Security Ownership of Certain Beneficial Owners and Management |
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| Item 13. | Certain Relationships and Related Transactions |
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| PART IV | ||
| Item 14. | Financial Statements,
Financial Statement Schedule, Exhibits and
Reports on Form 8-K |
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| Signatures |
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CAUTIONARY STATEMENT
The following is a cautionary statement made under
the Private Securities Litigation Reform Act of 1995: With the
exception of historical facts, the statements contained in this Annual
Report on Form 10-K or incorporated by reference may be forward looking
statements. Actual results may differ materially from those contemplated.
Forward looking statements involve risks and uncertainties, including but
not limited to the following risks: 1) cyclical downturns affecting the
markets for capital goods, 2) substantial increases in interest rates that
impact the cost of the Company's outstanding debt, 3) the success of Management
in increasing sales and maintaining or improving the operating margins
of its businesses, 4) the availability of or material increases in the
costs of select raw materials or parts, and 5) actions taken by competitors.
Investors are directed to the Company's documents filed with the Securities
and Exchange Commission.
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PART I
ITEM 1. Business
General Development of Business
Regal-Beloit Corporation is a Wisconsin corporation founded in 1955. The Company's initial business was the production of special metalworking taps. Through 37 acquisitions and internal growth, the Company has become a prominent manufacturer of a diversified line of mechanical and electrical motion control products.
The Company's mechanical products are manufactured by its Mechanical Group and include standard and custom worm gear, bevel gear, helical gear and concentric shaft gearboxes; marine and high-performance after-market automotive transmissions; custom gearing; gear motors; manual valve actuators; and perishable, high speed steel, rotary cutting tools. Mechanical Group products are sold to distributors, original equipment manufacturers and end users across many industry segments.
Typical applications for the Company's mechanical products include material handling systems such as conveyors, palletizers and packaging equipment; off-highway vehicular equipment such as street pavers, graders, airport/fire/crash/rescue equipment; farm implements; gas and liquid pipeline transmission systems; civic water and waste treatment facilities; open-pit mining; paper making machinery; high-performance, after-market automotive transmissions and ring/pinion sets; and marine transmissions for luxury inboard powered craft.
In March 1997, the Company acquired Marathon Electric Manufacturing Corporation and formed the Company's Electrical Group. On May 28, 1999, the Company purchased selected assets which now comprise the Lincoln Motors product line within the Electrical Group. In 2000 the Company made two acquisitions to the Electrical Group. On June 29, 2000, Thomson Technology Inc. a Canadian-based manufacturer of power systems controls for the worldwide power generation market was acquired. On September 29, 2000, the Company purchased Leeson Electric Corporation, a manufacturer of AC and DC electric motors and related products. The Electrical Group produces and markets AC and DC electric motors ranging in size from subfractional to large integral horsepowers in AC and from subfractional to small integral horsepowers in DC, precision servo motors, electric generators ranging in size from 5 through 4000 kilowatts, automatic transfer switches and paralleling switchgear to interconnect and control power generation equipment, and electrical connecting devices such as terminal blocks, fuse holders and power blocks. Additionally, the Group markets a line of AC and DC adjustable speed drives. The Electrical Group's products are also sold to distributors, original equipment manufacturers and end users across many industry segments.
Typical applications for the Company's electrical products include: 1) for electric motors: air movement such as heating, ventilating, air conditioning and compressors; fluid movement such as pumping; woodworking; material handling; health, fitness and medical equipment; commercial laundry; process industries; variable frequency drives; and floor care; and 2) for electric generators and power systems controls: prime and standby power applications including buildings such as telecommunication, commercial, industrial, hospital and school; marine; agriculture; windpower; military; and transport refrigeration.
Regal-Beloit believes its focus on providing unparalleled customer service and its consistent ability to provide products on a short delivery schedule gives it a competitive selling advantage and that its extensive use of modern, up-to-date equipment which is best suited for the job, along with its continued product redesign and effective plant layout, often gives it a competitive cost advantage in its product offering.
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Marketing and Sales
The Company's products are sold to distributors, original equipment manufacturers and end users. Both the Mechanical Group and the Electrical Group have their own organization of field sales employees and manufacturers' representatives.
Export sales accounted for approximately 6% of the Company's sales in 2000, 7% in 1999 and 6% in 1998. Additionally, 4%, 3%, and 3% of Company sales were manufactured and sold outside the United States in 2000, 1999, and 1998, respectively. No material part of the Company's business is dependent upon a single customer. In fiscal 2000, 1999, and 1998, no single customer accounted for as much as 3% of Company sales. Although the Company's sales are predominantly not seasonal, they tend to vary with general economic conditions and with the rate of industrial production, and are affected by business conditions in the many markets in which the Company sells. However, because the Company's products are sold to many different markets, the effects of weaker markets are frequently offset by strengths in other markets.
Working capital requirements to properly serve the Company's customers are generally typical of capital goods manufacturers. Accounts receivable and inventory are generally not seasonal or at unusual levels by industry standards.
Competition
Major domestic competitors in the mechanical motion control equipment industry include Emerson Electric (Browning, Morse), Rockwell (Dodge), Winsmith, Falk, and Boston Gear. Major foreign competitors would include SEW Eurodrive, Flender, Sumitomo and Zahnrad Fabrik. Major domestic competitors for the Electrical Group include Baldor Electric, Emerson Electric (US Motors), Rockwell (Reliance Electric), General Electric and Cummins. Major foreign competitors include Siemens, Toshiba, Weg, Leroy Somer, and ABB.
Over the past several years, niche product market opportunities have become more prevalent due to changing market conditions. The Company's markets have also been impacted by decisions by larger manufacturers not to compete in lower volume or specialized markets. Many captive producers have chosen, for economic reasons, to outsource their requirements to specialized manufacturers like Regal-Beloit, which can produce more cost effectively.
The Company has capitalized on this competitive climate by making acquisitions and increasing its manufacturing efficiencies. Some of these acquisitions have created new opportunities for the Company because the Company is now in new markets in which it was not previously involved. The Company has also continued to upgrade its manufacturing equipment and processes, including increasing its use of computer aided manufacturing systems and redesigning products to take full advantage of the more productive equipment along with redoing plant layout to improve product flow. Most of the operating units of the Company, recognizing the increasing importance of the internet, have established websites that provide information on the separate operating units of the Company and the products and services they each provide to the marketplace. In practice, the Company's operating units have sought out specific niche markets concentrating on a wide diversity of customers and applications. Because of this approach, the Company is often not the largest supplier in any specific market. The Company believes it competes primarily on the basis of the promptness of delivery, price and quality.
For further segment information required by Item 101 of Regulation S-K, reference is made to Note 10 of Notes to Consolidated Financial Statements on page 14 of the Annual Report to Shareholders for the year ended December 31, 2000, and such information is incorporated herein by reference.
Manufacturing
Each of the Company's operating units conducts its manufacturing operations independently in one or more facilities. The Company regularly invests in high quality machinery and equipment and other
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improvements to and maintenance of its facilities. These capital expenditures typically meet or exceed the Company's depreciation levels, as the Company believes that such investments are essential to its long-term success, although in 2000 and 1999 expenditures were held below depreciation as the capital goods economy slowed. Additionally, the Company has typically obtained significant amounts of high quality capital equipment as part of its acquisitions, often increasing overall capacity and capability.
The manufacturing operations of both the Mechanical Group and Electrical Group are highly integrated. Although raw materials and selected parts such as bearings and seals are purchased, this vertical integration permits the Company to produce most of its products' component parts when needed. The Company believes this results in lower production costs, greater manufacturing flexibility and higher product quality, as well as reducing the Company's reliance on outside suppliers.
Base materials for the Company's products consist primarily of: 1) steel in various types and sizes, including bearings and weldments, 2) copper magnet wire and 3) castings made of grey iron or aluminum. The Company purchases its raw materials from many suppliers and is not dependent on any single supplier for any of its base materials.
Backlog
As of December 31, 2000, the amount of the Company's Mechanical Group backlog was approximately $34,900,000 compared to approximately $39,700,000 on December 31, 1999. The Electrical Group backlog as of December 31, 2000 was $61,100,000 versus $36,300,000 on December 31, 1999. Average delivery time for orders of the Company's products (except for large, specially designed products) varies from three days to two months. The Company believes that virtually all of its backlog is shippable in 2001. The Company's business units have historically shipped the majority of its products in the month the order is received. Accordingly, since total backlog is less than 15% of the Company's annual sales, the Company believes that backlog is not a reliable indicator of the Company's future sales.
Patents, Trademarks and Licenses
The Company owns a number of United States patents and foreign patents relating to its businesses. While the Company believes that its patents provide certain competitive advantages, the Company does not consider any one patent or group thereof essential to the business of either of its Groups or the Company as a whole. Regal-Beloit utilizes various registered and unregistered trademarks and the Company believes these trademarks are significant in the marketing of most of its products. However, the Company believes the successful manufacture and sale of its products generally depends more upon its technological, manufacturing and marketing skills. In addition, the Company believes its engineering, test and development capabilities are significant factors in the success of its business.
Employees
As of December 31, 2000, the Company employed approximately 5,850 persons, of which approximately 22% were covered by collective bargaining agreements. The Company considers its employee relations to be very good.
Environmental Matters
The Company is subject to Federal, State and local environmental
regulations. The Company is currently involved with environmental proceedings
related to certain of its facilities. Based on available information, it
is believed that the outcome of these proceedings and future known environmental
compliance costs will not have a material adverse effect on the Company's
financial position or results of operations.
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ITEM 2. Properties
The Company's Mechanical Group currently operates 19 manufacturing and service/distribution facilities. Domestically, three are located in Illinois; two each are located in Indiana, South Carolina, South Dakota and Wisconsin; and one each are located in California, Massachusetts, New York, North Carolina, and Pennsylvania. Internationally, one each are located in England, Germany and Italy. The Mechanical Group's present operating facilities contain a total of approximately 1,530,000 square feet of space of which approximately 57,000 square feet are leased.
The Electrical Group currently operates 29 manufacturing or warehousing facilities. Domestically, six are located in Wisconsin, four in Missouri, three in Ohio, two each in Indiana and Texas, and one in Arkansas. Internationally, nine are located in Canada, and one each in Singapore and England. The Electrical Group's present operating facilities contain a total of 2,470,000 square feet of space of which approximately 1,000,000 square feet are leased.
The Company has its principal offices in Beloit, Wisconsin
in an owned 24,000 square foot office building. The Company believes its
equipment and facilities are well maintained and adequate for its present
needs.
ITEM 3. Legal Proceedings
The Company is not involved in any material legal proceedings.
ITEM 4. Submission of Matters to a Vote of Security Holders
There were no matters submitted to a vote of security
holders during the quarter ended December 31, 2000.
PART II
ITEM 5. Market for the Registrant's Common Equity and Related Shareholder Matters
Certain information required by Item 201 of Regulation
S-K is set forth on page 4 and the inside back cover of the Annual Report
to Shareholders for the year ended December 31, 2000, and such information
is incorporated herein by reference.
ITEM 6. Selected Financial Data
Information required by Item 301 of Regulation S-K is
set forth on page 4 of the Annual Report to Shareholders for the year ended
December 31, 2000, and such information is incorporated herein by reference.
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ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
Information required by Item 303 of Regulation S-K is
set forth on pages 5 and 6 of the Annual Report to Shareholders for the
year ended December 31, 2000, and such information is incorporated herein
by reference.
ITEM 8. Financial Statements and Supplementary Data
In the Annual Report to Shareholders for the year ended
December 31, 2000, there are set forth on pages 7 through 15, financial
statements meeting the requirements of Regulation S-X and information specified
by Item 302 of Regulation S-K and such financial statements are incorporated
herein by reference.
ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
The Company has had no disagreements with its accountants
subject to disclosure by Item 304 of Regulation S-K nor has it had a change
of accountants within the last two fiscal years.
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PART III
ITEM 10. Directors and Executive Officers of the Registrant
Information required by Item 401 of Regulation S-K is set forth on pages 3 through 10 of the definitive proxy statement for the Annual Meeting of Shareholders to be held on April 18, 2001, a copy of which has been filed within 120 days following the close of the fiscal year, and such information is incorporated herein by reference.
The names, ages, and positions of the executive officers
of the Company as of December 31, 2000, are listed below along with their
business experience during the past five years. Officers are elected annually
by the Board of Directors at the Meeting of Directors immediately following
the Annual Meeting of Shareholders in April. There are no family relationships
among these officers, nor any arrangements of understanding between any
officer and any other persons pursuant to which the officer was selected.
| Name, Age and Position |
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| James L. Packard, 58 | - | Elected Chairman in 1986; Chief Executive |
| Chairman, President and | Officer since 1984; President since 1980. | |
| Chief Executive Officer | ||
| Henry W. Knueppel, 52 | - | Elected Executive Vice President in 1987. From |
| Executive Vice President | September, 1997 until December, 1999, he also | |
| served as President of the Company's Marathon | ||
| Electric Manufacturing Corporation subsidiary. | ||
| Kenneth F. Kaplan, 55 | - | Joined Company in September, 1996. Elected |
| Vice President, Chief | Vice President, Chief Financial Officer in | |
| Financial Officer and | October, 1996 and Secretary in April, 1997. | |
| Secretary | Previously, he was employed by Gehl | |
| Company, West Bend, Wisconsin, as Vice | ||
| President -Finance and Treasurer from 1987. | ||
ITEM 11. Executive Compensation
Information required by Item 402 of
Regulation S-K is set forth on pages 7 and 8 and pages 10 through 14 of
the definitive proxy statement for the Annual Meeting of Shareholders to
be held on April 18, 2001, a copy of which has been filed within 120 days
following the close of the fiscal year, and such information is incorporated
herein by reference.
ITEM 12. Security Ownership of Certain Beneficial Owners and Management
Information required pursuant to Item
403 of Regulation S-K is set forth on pages 3 through 5 and pages 8 through
10 of the definitive proxy statement for the Annual Meeting of Shareholders
to be held on April 18, 2001, a copy of which has been filed within 120
days following the close of the fiscal year, and such information is incorporated
herein by reference.
ITEM 13. Certain Relationships and Related Transactions
Information required pursuant to Item
404 of Regulation S-K is set forth on pages 6 and 8 of the definitive proxy
statement for the Annual Meeting of Shareholders to be held on April 18,
2001, a copy of which has been filed within 120 days following the close
of the fiscal year, and such information is incorporated herein by reference.
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PART IV
ITEM 14. Financial Statements, Financial Statement Schedule, Exhibits and Reports on Form 8-K
(a) 1. and 2. Financial Statements and Financial Statement Schedule
Reference is made to the separate index to the Company's Consolidated Financial
Statements and Schedule contained on page 11 hereof.
3. Exhibits
Reference is made to the separate exhibit index contained on pages 14-16
hereof.
(b) Reports on Form 8-K
On October 13, 2000, the Company filed a current report on Form 8-K and
on December 12, 2000, the
Company filed Amendment No. 1 on Form 8-K/A, both pertaining to its September
29, 2000, acquisition
of Leeson Electric Corporation. The December 12, 2000 amendment provided
required Leeson Electric
historical financial statements and pro-forma financial statements as if
the acquisition had taken place on
January 1, 1999.
Pursuant to the requirements of Section
13 or 15(d) of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
REGAL-BELOIT CORPORATION
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By: /S/ Kenneth F. Kaplan
Kenneth F. Kaplan
Vice President, Chief Financial Officer
and Secretary
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March 16, 2001
Pursuant to the requirements of the
Securities Exchange Act of 1934, this report has been signed below by
the following persons on behalf of
the registrant and in the capacities and on the dates indicated:
/S/ James L. Packard
Chairman, President, Chief
March 16, 2001
James L. Packard
Executive Officer and Director
/S/ Kenneth F. Kaplan
Vice President, Chief Financial
March 16, 2001
Kenneth F. Kaplan
Officer and Secretary
(Principal Accounting & Financial Officer)
/S/ Henry W. Knueppel
Executive Vice President
March 16, 2001
Henry W. Knueppel
and Director
/S/ John A. McKay
Director
March 16, 2001
John A. McKay
/S/ John M. Eldred
Director
March 16, 2001
John M. Eldred
/S/ J. Reed Coleman
Director
March 16, 2001
J. Reed Coleman
/S/ Frank Bauchiero
Director
March 16, 2001
Frank Bauchiero
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REGAL-BELOIT CORPORATION
Index to Financial Statements
and Financial Statement Schedule
Page(s) In
Annual Report *
The following documents are incorporated by reference as part of this report:
(1) Financial
Statements:
Consolidated Balance Sheets at December 31, 2000 and 1999
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Consolidated Statements of Income for the three years ended
December 31, 2000
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Consolidated Statements of Shareholders' Investment for
the three years ended December 31, 2000
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Consolidated Statements of Cash Flows for the three years
ended December 31, 2000
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Notes to Consolidated Financial Statements
10 - 14
Report of Independent Public Accountants
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* Incorporated by reference from the indicated pages of the
Regal-Beloit Corporation 2000 Annual Report to Shareholders
Page(s) In
Form 10-K
(2) Financial
Statement Schedule:
Report of Independent Public Accountants on Financial
Statement Schedule
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Consent of Independent Public Accountants
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For the three years ended December 31, 2000,
Schedule II - Valuation and Qualifying Accounts
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All other schedules are omitted because
they are not applicable or the required information is shown in the financial
statements or notes thereto.
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Report of Independent Public Accountants
To Regal-Beloit Corporation:
We have audited, in accordance with
auditing standards generally accepted in the United States, the financial
statements included in Regal-Beloit Corporation's Annual Report to Shareholders,
incorporated by reference in this Form 10-K, and have issued our report
thereon dated January 25, 2001. Our audit was made for the purpose of forming
an opinion on those statements taken as a whole. The schedule listed in
the index to financial statements is the responsibility of the Company's
management and is presented for purposes of complying with the Securities
and Exchange Commission's rules and is not part of the basic financial
statements. This schedule has been subjected to the auditing procedures
applied in the audit of the basic financial statements and, in our opinion,
fairly states in all material respects the financial data required to be
set forth therein in relation to the basic financial statements taken as
a whole.
/S/ ARTHUR ANDERSEN LLP
ARTHUR ANDERSEN LLP
Milwaukee, Wisconsin,
January 25, 2001
Exhibit 23
Consent of Independent Public Accountants
To Regal-Beloit Corporation:
As independent public accountants,
we hereby consent to the incorporation of our reports, included and incorporated
by reference in this Form 10-K, into Regal-Beloit Corporation's previously
filed Registration Statements, File Nos. 33-25480, 33-25233, 33-82076 and
33-8934.
/S/ ARTHUR ANDERSEN LLP
ARTHUR ANDERSEN LLP
Milwaukee, Wisconsin,
March 16, 2001
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REGAL-BELOIT CORPORATION
VALUATION AND QUALIFYING ACCOUNTS
Allowance for Doubtful Accounts:
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| Year Ended December 31, 2000 |
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$ 554
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$ (809)
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$ 2,031 | |
| Year Ended December 31, 1999 |
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$ (9)
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$ (84)
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$ 1,758 | |
| Year Ended December 31, 1998 |
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$ (243)
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$ (556)
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$ 1,851 | |
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Exhibits Index
The following exhibits are required to be filed by Item 601 of Regulation S-K.
Exhibit
Number
Description
Incorporated by Reference Herein
2.1
Agreement and Plan of Merger
Filed as Exhibit 2.1 on Regal-Beloit
among the Registrant, Regal-
Corporation's Form 8-K dated
Beloit Acquisition Corp., and April 10, 1997
Marathon Electric Manufacturing
Corporation dated as of February
26, 1997, as amended and
restated March 17, 1997 and
March 26, 1997
2.2
Stock Purchase Agreement, dated
Filed as Exhibit 2 to Regal-Beloit
as of August 7, 2000, as amended
Corporation's current report
by First Amendment to Stock Purchase
on Form 8-K dated
Agreement, dated as of September 29,
October 13, 2000.
2000, among Regal-Beloit Corporation,
LEC Acquisition Corp., Leeson Electric
Corporation ("Leeson") and Leeson's
Shareholders.*
3.1
Articles of Incorporation of the
Filed as Exhibit B to the 1994 Proxy
Registrant
Statement
3.2
Bylaws of the Registrant
Filed as Exhibit C to the 1994 Proxy
;
Statement
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Articles of Incorporation and Bylaws
Filed as Exhibits 3.1 and 3.2 hereto
of the Registrant
4.1
Rights Agreement, dated as of
Filed as Exhibit 4.1 incorporated on
January 28, 2000, between Regal-Beloit
Regal-Beloit Corporation's
Corporation and BankBoston, N.A.
Registration Statement on
;
Form 8-A (file no.1-7283) and
;
on Regal-Beloit Corporation's
;
current report on Form 8-K
;
dated January 31, 2000.
4.2
Credit Agreement, dated as of
Filed as Exhibit 4 to Regal-Beloit
September 29, 2000, among
Corporation's current report
Regal-Beloit Corporation, M&I
on Form 8-K dated October
Marshall & Ilsley Bank, as
13, 2000.
Administrative Agent, and Swing
Line Bank, Bank of America, N.A.,
As Documentation and Syndication
Agent, Banc of America Securities
LLC, Lead Arranger and Book
Manager and each of the Banks
Party to the Credit Agreement.*
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Exhibit
Number
Description
Incorporated by Reference Herein
10.1
Short-Term Incentive Compensation
Filed as Exhibit 10.1 to Regal-Beloit
Plan, as amended
Corporation's Annual Report
on Form 10-K dated
March 29, 1993
10.3 1987 Stock Option Plan Filed as Exhibit 10.3 to 1988 S-1
10.4
1991 Flexible Stock Incentive Plan
Filed as Exhibit 10.4 to Regal-Beloit
Corporation's Annual Report
on Form 10-K dated
March 29, 1993 (1994 S-8
Registration No. 33-82076)
10.5
Change of Control Agreement
10.5(a) Addendum
to Change of Control
Filed as Regal-Beloit Corporation's
10.6
Disability Insurance Agreement
Filed as Exhibit 10.6 to Regal-Beloit
10.7
1998 Stock Option Plan, as Amended
Filed as Regal-Beloit Corporation 1998
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Annual Report to Shareholders
Regal-Beloit Corporation's Annual Report
Corporation's Annual Report
on Form 10-K dated
March 6, 1998
Agreement effective as of April 21, 1998
Annual Report on Form 10-K
dated March 5, 1999.
between Regal-Beloit Corporation
Corporation's Annual Report
and Continental Casualty Company
on Form 10-K dated
March 29, 1993
Stock Option Plan, as amended
on Regal-Beloit Corporation's
Registration Statement on Form
S-8 (File No. 333-84779)
for the year ended December 31,
on Form 10-K dated March 16, 2001.
2000
(Filed herewith)
15
Exhibit
Number Description
Incorporated by Reference Herein
21
Subsidiaries of Regal-Beloit
Regal-Beloit Corporation's Annual Report
Corporation
on Form 10-K dated March 16, 2001.
(Filed herewith)
23
Consent of Independent Public
Regal-Beloit Corporation's Annual Report
Accountants
on Form 10-K dated March 16, 2001.
(Filed herewith)
99
Annual Meeting Proxy Statement of
Filed as Regal-Beloit Corporation's Proxy
Regal-Beloit Corporation
dated Statement on Schedule 14A
March 13, 2001.
dated March 13, 2001.
99.1
News Release dated October 2, 2000.
Filed as Exhibit 99 to Regal-Beloit
Corporation's current report on
Form 8-K dated October 13,
2000.
________________________
* The Schedule and exhibits
to this document were not filed herewith.
The registrant
agrees to furnish supplementally a copy of any such schedule
or exhibit
to the Securities and Exchange Commission upon request.
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