RBC Bearings Incorporated Announces Acquisition of Specline, Inc.
21 August 2023 - 2:00PM
Business Wire
RBC Bearings Incorporated (NYSE: RBC, RBCP), a leading
international manufacturer of highly engineered precision bearings,
components and essential systems for the industrial, defense and
aerospace industries, today announced the acquisition of the
business assets of Specline, Inc. (“Specline”), a manufacturer of
precision bearings for the commercial and defense aerospace
markets, for $18.7 million.
Dr. Michael J. Hartnett, Chairman and Chief Executive Officer,
commented, “Specline has a proven business model that delivers
value to aircraft customers. The addition of Specline’s unique
bearing and manufacturing processes increases the breadth of our
aerospace product offering and enhances our production capacity. We
are excited to be gaining such a well-respected family business
with deep customer relationships and a talented workforce. Rick and
Veronica Clemens continued the legacy of Rick’s father over the
last 50 years and have now passed the torch to RBC Bearings.”
Founded in 1970 and headquartered in Carson City, Nevada,
Specline has a diverse aerospace customer base and employs 38
skilled professionals. The business produces standard and custom
configuration precision spherical bearings, rod ends and journal
bearings. Specline generated approximately $8.4 million in net
sales over the last twelve months.
About RBC Bearings
RBC Bearings Incorporated is an international manufacturer and
marketer of highly engineered precision bearings, components and
essential systems. Founded in 1919, the Company is primarily
focused on producing highly technical or regulated bearing products
and components requiring sophisticated design, testing, and
manufacturing capabilities for the diversified industrial,
aerospace and defense markets. The Company is headquartered in
Oxford, Connecticut.
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“forward-looking statements.” All statements other than statements
of historical fact are “forward-looking statements” for purposes of
federal and state securities laws, including the following: any
projections of earnings, revenue or other financial items relating
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objectives of management for future operations; any statements
concerning proposed future growth rates in the markets we serve;
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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 general economic conditions, geopolitical factors, future levels
of aerospace/defense and industrial market activity, future
financial performance, our debt level, the integration of the Dodge
acquisition, 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, tax legislation and changes, our ability to meet
our debt obligations, the Company’s ability to acquire and
integrate complementary businesses, and risks and uncertainties
listed or disclosed in our 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 most recent Annual Report filed on Form 10-K. The Company
does not intend, and undertakes no obligation, to update or alter
any forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20230821026071/en/
RBC Bearings Incorporated Robert Sullivan 203-267-5014
Rsullivan@rbcbearings.com
Alpha IR Group Michael Cummings 617-461-1101
investors@rbcbearings.com
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