RBC Bearings Incorporated Completes The Acquisition Of Turbine Components Inc.
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 it has acquired the net assets and business of Turbine Components Inc. (“TCI”) for approximately $3.9 million. TCI located in San Diego, California, is an FAA certified aircraft gas turbine repair station and manufacturer of precision components for the aerospace markets. TCI’s net sales for the last calendar year were approximately $4.0 million. Dr. Michael J. Hartnett, Chairman and Chief Executive Officer, commented, “The addition of TCI’s unique manufacturing and repair processes to our portfolio of highly engineered aircraft engine products increases the breadth of our current product and service offering. The acquisition is in line with our strategy of product portfolio expansion into the aerospace markets, and more specifically aircraft engines." 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 2,246 people and operates 25 manufacturing facilities in four countries. Safe Harbor for Forward Looking Statements 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 Company’s ability to control contingent liabilities; anticipated trends in the Company’s 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 Company’s products, the pricing of raw materials, changes in the competitive environments in which the Company’s businesses operate, the outcome of pending or future litigation and governmental proceedings and approvals, estimated legal costs, increases in interest rates, the Company’s ability to meet its debt obligations, and risks and uncertainties listed or disclosed in the Company’s reports filed with the Securities and Exchange Commission, including, without limitation, the risks identified under the heading “Risk Factors” set forth in the Company’s Annual Report filed on Form 10-K. The Company does not intend, and undertakes no obligation, to update or alter any forward-looking statement.
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.