Current News Releases

June 1, 2004

For More Information, Please Contact:

Rick Black,
Velvet Drive™ Sales Manager
Phone: 864-843-9234
Fax: 864-843-1276
Email: administration@velvetdrive.com
Website: www.velvetdrive.com

Velvet Drive™ Transmissions Now Made in South Carolina

Beloit, WI. – REGAL-BELOIT Corporation has announced its Velvet Drive™ brand of marine transmissions are now being manufactured in Liberty, South Carolina, along with the company’s historical RICHMOND™ line of hi-performance automotive driveline products.

According to Duke Sims, Mechanical Group Vice President, REGAL-BELOIT, " This strategic move has brought new synergies between two REGAL-BELOIT brands, each well-known in their respective markets. Velvet Drive™ Transmissions has been a leader in the marine industry for over 50 years and RICHMOND™ , with its 84-year history, is a leading manufacturer of hi-performance automotive ring and pinions, transmissions and other driveline products for NASCAR, NHRA, IHRA and the automotive enthusiast."

Sims continues, "The Velvet Drive™ and RICHMOND™ names have been synonymous with quality and reliability, and this new association has already resulted in enhancements to the Velvet Drive™ product line, which has just added four new products in 2004."

According to Rick Black, Velvet Drive™ Sales Manager, the company announced four new products at the Miami International Boat Show in February: Electric Shift, Trolling Valve, Wakeboard and 3.00:1 ratio Aluminum transmission models. "Now more than ever," Black states, "Velvet Drive™ is driven to provide the quality customers expect and new features for today's luxury and high speed watercraft."

Velvet Drive™ Transmissions, founded in 1948, has been a REGAL-BELOIT Company since its purchase from Borg Warner in 1995. Velvet Drive™ products feature quiet, smooth operation and are manufactured using the highest quality industry standards. Typical applications include tournament ski boats, inboard cruisers, sport fishing boats, sailboats, trawlers, center console, runabouts and yachts.

REGAL-BELOIT Corporation is a leading manufacturer of mechanical and electrical products for motion control and power generation. Headquartered in Beloit, WI, the company serves worldwide markets from its manufacturing, sales and service facilities located throughout the United States, and in Canada, Europe and Asia. The company's stock is traded publicly on the American Stock Exchange under the symbol RBC.