REXNORD <REX> SELLS UNIT TO NEOAX <NOAX> Rexnord Inc, 96 pct owned by Banner Industries Inc <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.