Our roots, established more than half a century ago, originated in the domestic manufacture of metal cutting tools and gear boxes. In 1955 we were known as Beloit Tool and set up shop in a roller rink in Beloit, Wisconsin. We have moved our corporate headquarters and re-branded our company several times since 1955. We currently reside in downtown Beloit, Wisconsin and are now known as simply “Regal.”
In 1980 sales were about $40 million—impressive at the time—however, we had bigger aspirations. James L. Packard and Henry W. Knueppel joined the company and initiated an aggressive acquisition strategy to expand our business. A key part of our growth can be attributed to the 69 acquisitions we successfully completed since 1955, including multiple acquisitions that catapulted the company into the power transmission, electric motor, electric generator and the customer electronic controls businesses. By the end of 2004, approaching our 50th year of operation, our annual sales reached $756 million.
Today and Tomorrow
Regal ‘s transformation into a more global manufacturer of motors began with the 2004 and 2005 acquisitions of GE’s Commercial AC and HVAC motor businesses which had combined annual revenues over $600 million. By year end of 2005, the company had record sales exceeding $1.4 billion.
In 2011, under the leadership of CEO Mark J. Gliebe, the largest acquisition in our history occurred with the purchase of A.O. Smith's Electrical Products Company. This acquisition, which added about $700 million in sales revenues, further expanded our global manufacturing footprint in Mexico and China, added new energy saving pump motor technology used in commercial and residential pools and spas, and broadened our product offering with a complete line of commercial and residential hermetic motors.
Despite volatile and challenging global economic conditions, we have continued our strong financial performance. In 2012, we achieved annual sales of $3.1 billion, more than a 77-fold increase from 1980 sales. We paid our first cash dividend in January, 1961 and since then, we have paid 210 consecutive quarterly dividends through December 30, 2012. Our dividend has been increased in seven of the last eight years.
We are gratified by our strong record of profitability and growth over the past five decades. We know that this only works when our customers, our employees and our investors are all winning. As we look to the future, we plan to continue our growth trajectory and financial stability through strategic acquisitions, simplification and process improvements, investments in emerging markets and new product development.