Exhibit 21

REGAL-BELOIT CORPORATION
SUBSIDIARIES
(as of 2/29/04)

Parent(s)	Subsidiary	Percent Owned		State/Place of Incorporation
REGAL-BELOIT CORPORATION	Hub City, Inc.	100	%	Delaware
	New York Twist Drill, Inc.	100	%	Delaware
	Costruzioni Meccaniche Legnanesi	100	%	Italy
	Mastergear GmbH	100	%	Republic of Germany
	Opperman Mastergear Ltd. (“OML”)	100	%	United Kingdom
	Marathon Electric Manufacturing	100	%	Wisconsin
	Regal-Beloit Logistics Canada, Inc. (Inactive)	100	%	Canada-Ontario
	Leeson Electric Corporation	100	%	Wisconsin
	Regal-Beloit Asia Pte. Ltd.	100	%	Singapore
REGAL-BELOIT CORPORATION	REGAL-BELOIT Flight Service, Inc.	40	%	Wisconsin
Marathon Electric Manufacturing Corp.	REGAL-BELOIT Flight Service Inc.	60	%	Wisconsin
Leeson Electric Corporation	REGAL-BELOIT Holdings Ltd.	100	%	Canada-Yukon Territory
REGAL-BELOIT Holdings Ltd.	Patent Holdings Ltd.	100	%	Canada-British Columbia
	Thompson Technology, an Alberta Limited Partnership	99.	5%	Canada-Alberta
	Leeson Canada, an Alberta Limited Partnership	99.	5%	Canada-Alberta
	Thomson Finance Limited	100	%	Canada-British Columbia
Thomson Finance Limited	Thomson Technology, an Alberta Limited Partnership	.5	%	Canada-Alberta
	Leeson Canada, an Alberta Limited Partnership	.5	%	Canada-Alberta
Marathon Electric Manufacturing Corp.	Marathon Special Products Corp.	100	%	Ohio
	Mar-Mex S.A. deC.V. (Inactive)	100	%	Mexico
	Marathon Redevelopment Corp.	100	%	Missouri
	Marathon Electric Far East Pte. Ltd.	100	%	Singapore
REGAL-BELOIT Asia Pte. Ltd.	Shanghai Marathon GeXin Electric Co. Ltd.	55	%	China
	Shanghai Regal-Beloit & Jinling Co. Ltd.	50	%	China