Rexnord, the power transmission supplier, has changed hands for the second time in less than four years. The Carlyle Group which bought Rexnord from Invensys for $913m in 2002, has now sold the business on to another private equity firm, Apollo Management, for $1.825bn.

Rexnord - whose products include gears, couplings, bearings, chains, belts and seals - employs 5,800 people worldwide. Last year, it bought the Falk Corporation from Hamilton Sundstrand, for $295m. Rexnord`s $1.85bn pricetag is 11.6 times its earnings in the year to March.

Rexnord`s chief executive Bob Hitt says he is "excited to have another high-quality owner to work with and support us as we enhance Rexnord`s leadership position in our industry".