RBC Bearings Wins Komatsu America 2010 Delivery/Availability Award
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
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 the Company has received the 2010 Performance of the Year for Quality and Delivery award from Midori Kai, Komatsu America’s association of select supplier companies that have been chosen for membership based on high measurable standards. “We are extremely pleased to accept this notable award for the second consecutive year,” said Dr. Michael J. Hartnett, Chairman and Chief Executive Officer of RBC Bearings. “To receive this recognition from Komatsu is an affirmation of our core operating principles, and we will continue to serve our industry-leading industrial and aerospace customers with our operating flexibility and highly-engineered precision products.” Over the last 12 months, RBC Bearings has assisted Komatsu in maintaining its high level of customer support by providing products on a timely basis in support of Komatsu’s expedited needs while also delivering new products to supply customer required components in the field. RBC Bearings was named the top supplier out of the select group of 37 at last month’s Midori Kai supplier meeting. The Company has been a member of the Midori Kai supplier association since 2007. About Midori Kai Midori Kai is an association of select Komatsu supplier companies that have been chosen for membership based on measurable high standards. The group’s objective is to forge a mutually beneficial business relationship for both suppliers and Komatsu during economic upturns and downturns, by sharing information, technical support and business opportunities. Midori Kai began in Japan in 1952, and has been a very successful long-term partnership for both Komatsu and its Midori Kai suppliers. Many members have been part of Midori Kai for over 50 years. Komatsu initiated Midori Kai in North America in 2006, and is committed to replicating the long-term business relationships it has had with its Japanese suppliers.
Bank of America upgraded RBC Bearings (ROLL) to "buy" from "neutral" and set a $75 target price. The firm noted aerospace and defense demand remains strong and the worst of the industrial business is likely already behind the company.