RBC Bearings Announces the Acquisition of Swiss Tool Systems AG
August 15 2019 - 8:00AM
Business Wire
Thursday, August 15, 2019 - 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 the acquisition of Swiss Tool Systems AG, from Cross
Equity Partners LLP and other private owners for approximately CHF
33.0 million ($33.9 million), to be financed through cash on hand
and debt.
“Today we are very pleased to
announce the acquisition of Swiss Tool Systems AG. Swiss Tools is a
leading world-wide supplier of modular tooling systems and
high-precision boring and turning solutions for metal cutting
machines. Swiss Tools supplies highly engineered products that are
complementary to our collets business in Europe and the U.S. to a
customer base that we know well and serve daily. Their
manufacturing processes and design expertise align very well with
and complement those of RBC Bearings,” said RBC Bearings Chairman,
President and Chief Executive Officer, Dr. Michael J. Hartnett. “We
are adding a very talented Swiss Tools team who are experts in
these products and we are excited to welcome those valued employees
to the growing RBC Bearings team.”
With headquarters located in
Bürglen, Thurgau, Switzerland, Swiss Tool Systems
(www.swisstools.org) is a leading world-wide supplier of modular
tooling systems and high-precision boring and turning solutions for
metal cutting machines. Annual sales are approximately CHF 11.0
million ($11.3 million) and the company has approximately 50
employees.
Raiffeisen Switzerland acted as the exclusive financial 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 and
components requiring sophisticated design, testing, and
manufacturing capabilities for the diversified industrial,
aerospace, and defense markets. The Company is headquartered in
Oxford, Connecticut.
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version on businesswire.com: https://www.businesswire.com/news/home/20190815005331/en/
RBC Bearings Ernie Hawkins 203-267-5010 ehawkins@rbcbearings.com
Alpha IR Group Michael Cummings 617-461-1101
investors@rbcbearings.com
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