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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of report: August 21, 2023 (Date of
earliest event reported: August 18, 2023)
RBC BEARINGS INCORPORATED
(Exact name of registrant as specified in its charter)
Delaware |
|
001-40840 |
|
95-4372080 |
(State or other jurisdiction
of incorporation) |
|
(Commission File Number) |
|
(IRS Employer
Identification No.) |
One Tribology Center
Oxford, CT 06478
(Address of principal executive offices) (Zip Code)
(203) 267-7001
(Registrant’s telephone number, including
area code)
N/A
(Former name or former address, if changed since
last report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
☐ | Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class |
|
Trading Symbol |
|
Name of Each Exchange on Which Registered |
Common Stock, par value $0.01 per share |
|
RBC |
|
New York Stock Exchange |
5.00% Series A Mandatory Convertible Preferred Stock, par value
$0.01 per share |
|
RBCP |
|
New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange
Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. ☐
Section 8 – Other Events
Item 8.01. Other Events.
On August 18, 2023, RBC Bearings Incorporated
acquired the business assets of Specline, Inc. (“Specline”) for $18.7 million. Specline, which is based in Carson City,
Nevada, is a manufacturer of precision bearings for the commercial and defense aerospace markets. A copy of the press release announcing
the acquisition is attached hereto as Exhibit 99.1 to this report and is incorporated herein by this reference.
Section 9 – Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
SIGNATURES
According to the requirements of the Securities
Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
Date: August 21, 2023
|
RBC BEARINGS INCORPORATED |
|
|
|
|
By: |
/s/ John J. Feeney |
|
|
Name: |
John J. Feeney |
|
|
Title: |
Vice President, General Counsel & Secretary |
2
Exhibit 99.1
RBC Bearings Incorporated Announces Acquisition
of Specline, Inc.
Oxford, CT – August 21, 2023 – 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.
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 the following: 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,” “would,” “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 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.
Contacts:
RBC Bearings Incorporated
Robert Sullivan
203-267-5014
Rsullivan@rbcbearings.com
Alpha IR Group
Michael Cummings
617-461-1101
investors@rbcbearings.com
Source: RBC Bearings Incorporated
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