Oxford, Connecticut, November 1, 2021--(BUSINESS WIRE)--(BUSINESS WIRE)--RBC Bearings Incorporated (NASDAQ: ROLL) is a high A leading international manufacturer and marketer of engineered precision bearings and products, today announced that the company has completed the previously announced acquisition of the DODGE mechanical power transmission division of Asea Brown Boveri Ltd. The cash is approximately US$2.9 billion, but after the transaction Working capital adjustment.
Dr. Michael J. Hartnett, Chairman and CEO of RBC Bearings, said: "We are delighted to welcome our DODGE teammates to the RBC Bearings family. The completion of this transaction is the first step in realizing the huge benefits of this merger. I want to Thanks to the teams of RBC Bearings, DODGE and ABB for their incredible efforts to complete the transaction, as well as their pursuit of smooth and rapid integration, which will allow us to begin to benefit from the advantages of the combined company."
RBC Bearings and DODGE have created a leading manufacturer with strong brand recognition for high-quality performance-critical bearings, components and motion control products in the industrial, aerospace, and defense markets.
RBC Bearings Incorporated is an international manufacturer and marketer of highly engineered precision bearings and components. Founded in 1919, the company mainly focuses on the production of high-tech or standardized bearing products and components that require complex design, testing and manufacturing capabilities for the diversified industrial, aerospace, and defense markets. The company is headquartered in Oxford, Connecticut.
A safe harbor for forward-looking statements
Certain statements in this press release contain "forward-looking statements." As far as federal and state securities laws are concerned, all statements other than statements of historical facts are "forward-looking statements", including the following: the expected benefits and synergies of the acquisition of DODGE; the impact of this acquisition on the RBC and DODGE product markets ; The impact of this acquisition on the company’s earnings; deleveraging after the acquisition is complete; competitive position and opportunities; the time and amount of free cash flow generated by the acquisition; any revenue, income or other financial project forecasts related to the company, any future Statements of business management plans, strategies, and goals; any statement regarding the proposed future growth rate of the market we serve; any statement of belief; any characteristics and capabilities of the company’s control of contingent liabilities; the expected trend of the company’s business; and any statement based on any of the foregoing Hypothetical statement. Forward-looking statements may include "may", "will", "estimate", "intend", "continue", "believe", "anticipate", "anticipate" and other similar words. Although the company believes that the expectations reflected in any forward-looking statements are reasonable, actual results may differ materially from the results predicted or assumed in any of our forward-looking statements. Our future financial status and operating results, as well as any forward-looking statements, may change, and there are inherent risks and uncertainties beyond the company's control. These risks and uncertainties include, but are not limited to, risks and uncertainties related to the acquisition of DODGE (including costs, expenses or expenses related to unexpected acquisitions, risks related to RBC's ability to achieve the expected growth and synergies of the acquisition, and RBC reimbursements Ability to acquire related debt), general economic conditions, COVID-19 pandemic, geopolitical factors, future levels of general industrial manufacturing activities, future financial performance, market acceptance of new or enhanced versions of the company’s products, pricing of raw materials , Changes in the competitive environment in which the company operates, pending or future litigation and government procedures and approval results, estimated legal costs, increase in interest rates, tax legislation and changes, the company's ability to meet its needs, debt, company acquisitions And the ability to integrate complementary businesses, as well as the risks and uncertainties listed or disclosed in the company’s report submitted to the US Securities and Exchange Commission, including but not limited to the “risk factors” heading in the company’s latest annual report submitted on Form 10 Under the determined risk-K. The company does not intend and does not undertake any obligation to update or change any forward-looking statements.
View the source version on businesswire.com: https://www.businesswire.com/news/home/20211101005853/en/
RBC Bearing Robert M. Sullivan 203-267-5014 rsullivan@rbcbearings.com
Alpha IR Group Michael Cummings 617-461-1101 Investors@rbcbearings.com
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