REXNORD &lt;REX> SELLS UNIT TO NEOAX &lt;NOAX>

  Rexnord Inc, 96 pct owned by Banner
  Industries Inc &lt;BNR> following a recent tender offer, said it
  has completed the sale of its Fairfield Manufacturing Co
  subsidiary to NEOAX Inc for 70.5 mln dlrs in cash.
      Rexnord said it still plans to sell its Process Machinery
  Division and Mathews Conveyor Co as part of its planned program
  to divest five businesses with 200 mln dlrs in assets.
  Bellofram Corp and Railway Maintenance Equipment Co have
  already been sold.
  

