OXFORD, CT — RBC Bearings Incorporated, an international manufacturer of highly-engineered precision plain, roller and ball bearings for the industrial, defense and aerospace industries, announced Thursday that it has entered into a definitive agreement to acquire the Sargent Aerospace & Defense business of Dover Corporation for $500 million, to be financed through a combination of cash on hand and senior debt. The transaction is expected to close in the second calendar quarter of 2015 (our fiscal first quarter of 2016), subject to customary closing conditions, including regulatory review.
“Today we are very pleased to announce the execution of an agreement between a subsidiary of Dover Corporation and RBC Bearings to acquire Sargent Aerospace & Defense," said Dr. Michael J. Hartnett, RBC Bearings Chairman, President and CEO. "Sargent supplies highly engineered products to a customer base that we know well and serve daily. Their manufacturing processes and design expertise align very well with and complement those of RBC Bearings. "We are adding a very talented Sargent team who are experts in these products and we are excited to welcome those valued employees to the growing RBC Bearings team.”
With headquarters in Tucson, AZ, Sargent is a provider of precision-engineered products, solutions and repairs for aircraft airframes and engines, rotorcraft, submarines and land vehicles. The company manufactures, sells, and services hydraulic valves and actuators, specialty bearings, specialty fasteners, seal rings & alignment joints, and precision components under leading brands including Kahr Bearing, Airtomic, Sonic Industries, Sargent Controls, and Sargent Aerospace & Defense. Annual sales are approximately $195 million and the company has over 750 employees in six facilities in three countries.
