Pros
Falk, and Rexnord overall, is a very complex company and presents a lot of opportunity to grow and learn because of this. As a established and extremely old company you will be exposed to a large number of veteran employees with valuable insight and information. It's a great stepping stone to learn a lot in fast paced, very complicated manufacturing environment with a lot of moving pieces. You'll pick up great systems experience, learn to deal with pressure, and juggle workloads to meet performance goals. It's a difficult and demanding environment, but one that will offer a lot of opportunity for personal improvement for those who want it.
Cons
There is very little promotion from within at anything but the highest levels and compensation is something you have to pursue aggressively to even stay middle-of-the-road. There seems to be a rather large disconnect between the leadership level and the rank and file employees. Any discussion of successes are almost always followed with the word 'but' and a discussion on how you should have succeeded more or, as others have mentioned, met stretch goals that are often completely unrealistic. That kind of discussion and half praise / half condemnation conveys the feeling that you are either never capable of doing an actual good job or that the leadership wants to make sure they have an out when it comes time to reward you for your successes. The work load leveling can also be very uneven, where a department of will have several staff who do far less than a handful of others who tend to carry that department. These high performers are then often buried with additional work, more projects, and higher goals which then undermines their morale even further. This pattern holds true over many areas so it doesn't seem to be driven by a particular manager but instead appears to be an overall cultural problem. At the corporate and upper management levels there is also a definite appearance of the traditional 'good old boys club' mentality. Promotions often appear to be based solely on who is favored by who or who can be promoted without being a threat to the established leaders. This leads to a situation where a good portion of the people making decisions appear to be unqualified for the task (to put it politely). Finally, there are some ethical concerns with some of the business practices that can be alarming. Poor payment practices, hostile vendor relations, and just plain old honesty issues seem to be overlooked in the pursuit of improved metrics or cost savings in many cases.