form8k.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
_______________________
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of
the
Securities Exchange Act of 1934
_______________________
Date
of
Report
(Date
of
earliest
event
reported): July
30, 2007
Regal-Beloit
Corporation
(Exact
name of registrant as specified in its charter)
|
Wisconsin
|
1-7283
|
39-0875718
|
|
(State
or other
jurisdiction
of
incorporation)
|
(Commission
File
Number)
|
(IRS
Employer
Identification
No.)
|
200
State Street, Beloit, Wisconsin
53511-6254
(Address
of principal executive offices, including Zip code)
(608)
364-8800
(Registrant’s
telephone number)
Not
Applicable
(Former
Name or Former Address, if Changed Since Last Report)
_______________________
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
[ ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[
] Pre-commencement
communications pursuant
to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[
]
Pre-commencement communications pursuant to
Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item
8.01. Other
Events.
On
July 30, 2007,
Marathon Electric Manufacturing Corporation (“Marathon”), a subsidiary of Regal
Beloit Corporation (the “Company”), entered into a settlement agreement with
Enron Wind Energy Systems, LLC, Enron Wind Contractors, LLC and Zond
Minnesota Construction Company, LLC (collectively, “Enron Wind”) to resolve
all
matters alleged by Enron Wind in the litigation it filed in 2004 against
Marathon involving certain generators sold by Marathon to Enron Wind from
1997 to 1999 (the “Action”). The settlement agreement is subject to
approval by the United States Bankruptcy Court for the Southern District of
New
York (the “Court”) where each of the Enron Wind entities has consolidated its
Chapter 11 bankruptcy petition as part of the Enron Corporation bankruptcy
proceedings. Marathon expects that a motion to approve the settlement
agreement will be filed by Enron Wind with the Court in the near future and
that, subject to scheduling, the Court will take action on the motion during
the
third quarter of 2007.
Under
the
terms of the settlement agreement, Enron Wind will fully release and discharge
Marathon from all claims relating to the Action and, in exchange, Enron Wind
will receive a monetary payment. After contributions from other
involved parties, the after-tax impact of Marathon’s portion of the payment
under the settlement agreement would be approximately $1.15
million.
Marathon
has denied
and continues to deny all the allegations asserted in the Action. If the
settlement agreement is not approved by the Court, then Marathon will continue
to defend vigorously all of the claims asserted in the Action.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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REGAL
BELOIT
CORPORATION |
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Date:
July
31, 2007
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By:
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/s/ Paul
J. Jones |
|
| |
|
Paul
J. Jones |
|
| |
|
Vice
President, General Counsel
and Secretary |
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