 |
|
|
| February 8, 2006 |
| HEADLINER AWARDED TO JAMES PACKARD |
| (Beloit, WI): Beloit Daily News Editor Bill Barth called Regal Beloit's Chairman of the Board James Packard a four-star general for his ability to lead the company through a quarter century of expansion. The compliment was bestowed as Barth presented Packard with the Laurence A. Raymer Headliner Award as part of the 79th annual Greater Beloit Chamber of Commerce Dinner. Held at the Ramada Inn in South Beloit, the event highlighted the past year's successes and the movers and shakers behind it. |
| Packard left Frito-Lay to join Regal Beloit in 1979. By 1980 he was president, by 1985 he was chief executive officer, and by 1986 he was chairman. Packard currently holds the title of executive chairman of the board. Packard's strategic thinking and tactical dexterity, Barth said, enabled him to help the company expand. In 1980 the company posted more than $40 million in sales and by 2004 it posted more than $756.6 million in sales. In 2005, Regal Beloit Corporation (NYSE:RBC) celebrated its 50th year in business by posting $1.4 billion in sales. |
| The high figures were partly due to the acquisition of General Electric's heating-ventilation/air condition motor business. The acquisition was among the latest in a series of expansions which have made Regal Beloit a global company. “Through shrewd and timely acquisitions, he helped the company grow,” Barth said. During the past year the company also started a major expansion at its downtown Beloit headquarters. |
| Barth commended Packard for being a fine corporate citizen, noting that Packard was one of the key players in the original Beloit 2020 program. Currently Packard is a Beloit College trustee as well as a member of the Beloit Memorial Hospital and First National Bank boards. Although Packard has earned numerous awards, he was the most honored to receive accolades from the community in which he raised his children. |
| “The real stories behind the headlines are the people. About 500 of our 11,000 employees are in the Stateline Area,” Packard said. Born in Indianapolis, Ind., Packard moved to Beloit 33 years ago. He and his wife Nancy raised two children, Lori Dabson, a teacher at Powers Elementary School and a son James, Jr., a 20-year employee at Regal Beloit. |
| In an interview after the ceremony, Packard went on to share his love of the area and thoughts on business. He attributed Regal Beloit's success to its visionary leaders and its ability to look ahead. “We operated on that theory. We wanted to skate to where the puck's going to be, not where it is,” Packard said. “Our leaders created an environment to use entrepreneurship and innovating thinking.” |
Although the successes of 2005 appeared seamless, Packard said the company had been working on the GE acquisition for four years. As Regal Beloit became a global company, Packard has spent more of his time on the road. For the past 20 years, he has spent an average of 100 days a year away from home. During his many nights away, Packard has learned to appreciate the birthplace of his company.
|
| “We have workers and associates all over the world, so we have a pretty good view of the quality of our people. The people of the Stateline are so prideful in their work,” Packard said. The charity and generosity of the community, Packard said, spills over into their work. “It's not just a job, it's a way of life,” Packard said. |
| Packard will retire from his chairmanship at the April 2006 company annual meeting. He will remain on the Board of Directors and will continue the succession plan as executive advisor through year-end 2006. But Packard doesn't consider his future plans to be retiring. He plans to remain on the boards of two companies, the Manitowoc Corp., a $2 billion company which manufactures cranes and ice machines as well as Clarcor, a $1 billion company which manufactures filtration equipment. |
| (Article Courtesy of Beloit Daily News, Beloit, WI.) |
| For
more information please
contact: |
David
A. Barta
VP, Chief Financial
Officer
608-364-8808, ext
106
Email:
Regal Beloit
Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contact
RBC Headquarters |
|
|
|
Regal-Beloit
Corporation
Corporate Office
200 State Street
Beloit, Wisconsin
53511 - 6254
Phone: (608)
364-8800
Fax: (608) 364-8818
|
|
|
|
|
|
|
|
 |
