Rexnord explores sale of company, shares rise
(Reuters) - Industrial parts maker Rexnord Corp (RXN.N) said it would explore strategic alternatives, including a sale of the company, less than a year after going public.
Shares of the company, in which Apollo Global Management Llc (APO.N) holds about 69 percent, were up 15 percent at $23.10 in trading after the bell. The company had priced its IPO at $18 per share in March.
The Milwaukee, Wisconsin-based company, which will also explore the sale of one or both of its businesses, said it hired Goldman Sachs & Co to advise it.
The Wall Street Journal said in December the company was exploring a sale of its plumbing-products business in a deal that could fetch around $1 billion, citing sources familiar with the matter.