RBC Bearings, a leading international manufacturer and marketer of highly engineered precision bearings and products for the industrial, defense and aerospace industries, announced today that it has completed its previously announced acquisition of the DODGE mechanical power transmission division of Asea Brown Boveri Ltd for approximately $2.9 billion in cash subject to post closing working capital adjustments.
Dr. Michael J. Hartnett, RBC Bearings’ Chairman and Chief Executive Officer, said “We are excited to welcome our DODGE teammates to the RBC Bearings’ family. The closing of this transaction is the first step to realizing the great benefits of this combination. I want to thank the teams at RBC Bearings, DODGE and ABB for their incredible efforts to complete the transaction and their pursuit of a smooth, swift integration that will allow us to begin benefitting from the strengths of the combined company.”
RBC Bearings, together with DODGE, creates a leading manufacturer with strong brand recognition for premium performance-critical bearings, components and motion control products for the industrial, aerospace and defense markets.
Robert M. Sullivan