Oxford-based manufacturer RBC Bearings announced it has acquired Swiss Tool Systems for $33.9 million.
Headquartered at 102 Willenbrock Rd., RBC Bearings makes precision bearings and components for the industrial, defense and aerospace industries. It has operations around the country and abroad, including in Mexico and Europe.
The acquisition will be financed through cash on hand and debt, according to a company announcement.
Swiss Tool Systems, based in Switzerland, is an international supplier of modular tooling systems and high-precision boring and turning solutions for metal cutting machines. The Swiss company has about 50 employees and reports annual sales of approximately $11.3 million.
Michael J. Hartnett, RBC Bearings’ president and chief executive officer, said the company is excited to welcome Swiss Tool Systems’ “very talented” employees to RBC Bearings’ team.
“Their manufacturing processes and design expertise align very well with and complement those of RBC Bearings,” Hartnett said in the announcement.
RBC Bearings is celebrating its centennial in business, as it was founded in 1919.
The company’s stock (Nasdaq: ROLL) was trading at $159.10 as of Wednesday morning.
Contact Michelle Tuccitto Sullo at msullo@newhavenbiz.com