RBC Bearings Announces Closing of Sargent Aerospace & Defense Acquisition
April 24 2015 - 4:00PM
Business Wire
RBC Bearings Incorporated (Nasdaq: ROLL), a leading
international manufacturer of highly-engineered precision bearings
and components for the industrial, defense and aerospace
industries, today announced that it has closed on the acquisition
of the Sargent Aerospace & Defense business (“Sargent”) of
Dover Corporation (NYSE: DOV). The acquisition price of $500
million was financed through a combination of cash on hand and
senior debt.
With headquarters in Tucson, Arizona, Sargent is a leader in
precision-engineered products, solutions and repairs for aircraft
airframes and engines, rotorcraft, submarines and land vehicles.
The company manufactures, sells, and services hydraulic valves and
actuators, specialty bearings, specialty fasteners, seal rings
& alignment joints, and precision components under leading
brands including KAHR Bearing, Airtomic, Sonic Industries, Sargent
Controls, and Sargent Aerospace & Defense. Annual sales are
approximately $195.0 million and the company has over 750 employees
in six facilities in three countries.
Moelis & Company served as the exclusive financial advisor
and Kirkland & Ellis LLP served as the legal advisor to RBC
Bearings.
About RBC Bearings
RBC Bearings Incorporated is an international manufacturer
and marketer of highly engineered precision bearings and
components. Founded in 1919, the Company is primarily focused on
producing highly technical or regulated bearing products requiring
sophisticated design, testing, and manufacturing capabilities for
the diversified industrial, aerospace, and defense markets.
Headquartered in Oxford, Connecticut, RBC
Bearings currently employs approximately 2,510 people and
operates 25 manufacturing facilities in five countries.
Safe Harbor for Forward Looking
Statements
Certain statements in this press release contain
“forward-looking statements.” All statements other than statements
of historical fact are “forward-looking statements” for purposes of
federal and state securities laws, including the section of this
press release entitled “Outlook”; any projections of earnings,
revenue or other financial items relating to the Company, any
statement of the plans, strategies and objectives of management for
future operations; any statements concerning proposed future growth
rates in the markets we serve; any statements of belief; any
characterization of and the Company’s ability to control contingent
liabilities; anticipated trends in the Company’s businesses; and
any statements of assumptions underlying any of the foregoing.
Forward-looking statements may include the words “may,” “estimate,”
“intend,” “continue,” “believe,” “expect,” “anticipate,” and other
similar words. Although the Company believes that the expectations
reflected in any forward-looking statements are reasonable, actual
results could differ materially from those projected or assumed in
any of our forward-looking statements. Our future financial
condition and results of operations, as well as any forward-looking
statements, are subject to change and to inherent risks and
uncertainties beyond the control of the Company. These risks and
uncertainties include, but are not limited to, risks and
uncertainties relating to general economic conditions, geopolitical
factors, future levels of general industrial manufacturing
activity, future financial performance, market acceptance of new or
enhanced versions of the Company’s products, the pricing of raw
materials, changes in the competitive environments in which the
Company’s businesses operate, the outcome of pending or future
litigation and governmental proceedings and approvals, estimated
legal costs, increases in interest rates, the Company’s ability to
meet its debt obligations, and risks and uncertainties listed or
disclosed in the Company’s reports filed with the Securities and
Exchange Commission, including, without limitation, the risks
identified under the heading “Risk Factors” set forth in the
Company’s most recent Annual Report filed on Form 10-K. The Company
does not intend, and undertakes no obligation, to update or alter
any forward-looking statements.
RBC BearingsDaniel A. Bergeron,
203-267-5028dbergeron@rbcbearings.comorAlpha IR GroupMichael
Cummings, 617-461-1101investors@rbcbearings.com
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