RBC Bearings to Acquire Dover’s Sargent Aerospace & Defense Business
- Expands and Strengthens Offering to Existing Customer Base
- Accretive to Earnings and Cash Flow in Fiscal 2016
OXFORD, Conn.--(BUSINESS WIRE)--Mar. 26, 2015-- RBC Bearings Incorporated (Nasdaq: ROLL), a leading international manufacturer of highly-engineered precision plain, roller and ball bearings for the industrial, defense and aerospace industries, today announced that it has entered into a definitive agreement to acquire the Sargent Aerospace & Defense business (“Sargent”) of Dover Corporation (NYSE: DOV) for $500 million, to be financed through a combination of cash on hand and senior debt. The transaction is expected to close in the second calendar quarter of 2015 (our fiscal first quarter of 2016), subject to customary closing conditions, including regulatory review.
“Today we are very pleased to announce the execution of an agreement
between a subsidiary of Dover Corporation and
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,
Moelis & Company served as the exclusive financial advisor and Kirkland
& Ellis LLP served as the legal advisor to
RBC Bearings will host a live webcast on, Friday, March 27, 2015, at
2:00 p.m. ET. Dr. Michael J. Hartnett, Chairman, President and Chief
Executive Officer, and
If you do not have access to the Internet and wish to listen to the call, dial 855-638-4818 (international callers dial 262-912-6187) and enter conference ID # 14059885.
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.