RBC Bearings Incorporated Completes the Acquisition of Climax Metal Products Company
OXFORD, Conn.--(BUSINESS WIRE)-- RBC Bearings Incorporated (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 acquired Climax Metal Products Company (CMP) for approximately $13.6 million.
CMP located in Mentor, Ohio, is a manufacturer of precision shaft collars, rigid couplings, keyless locking devices, and bearings for the industrial markets. CMPs net sales for the last calendar year were approximately $14.1 million.
The addition of Climax Metal Products Company supports our long term growth strategy as we continue to expand and complement our existing product portfolio, customer base and distribution channels, said Dr. Michael J. Hartnett, Chairman and Chief Executive Officer.
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 2,189 people and operates 24 manufacturing facilities in four countries.
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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 any 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 Companys ability to control contingent liabilities; anticipated trends in the Companys 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 our ability to integrate acquired companies or assets, general economic conditions, geopolitical factors, future levels of general industrial manufacturing activity, future financial performance, market acceptance of new or enhanced versions of the Companys products, the pricing of raw materials, changes in the competitive environments in which the Companys businesses operate, the outcome of pending or future litigation and governmental proceedings and approvals, estimated legal costs, increases in interest rates, the Companys ability to meet its debt obligations, and risks and uncertainties listed or disclosed in the Companys reports filed with the Securities and Exchange Commission, including, without limitation, the risks identified under the heading Risk Factors set forth in the Companys Annual Report filed on Form 10-K. The Company does not intend, and undertakes no obligation, to update or alter any forward-looking statement.
Daniel A. Bergeron, 203-267-5028
Michael Cummings, 617-897-1532
Source: RBC Bearings IncorporatedCopyright Business Wire 2013