RBC Bearings Inc., an Oxford-based manufacturer, has finalized its acquisition of the DODGE mechanical power transmission division of Asea Brown Boveri Ltd. for $2.9 billion in cash.
The company had announced its plans to purchase the South Carolina-based company back in July.
RBC Bearings’ CEO Michael J. Hartnett said the company is excited to welcome its new DODGE teammates.
“The closing of this transaction is the first step to realizing the great benefits of this combination,” Hartnett said.
RBC Bearings produces bearings and components used in the industrial, defense and aerospace industries. DODGE manufactures mounted bearings and mechanical products.
Hartnett has said the acquisition is expected to add to RBC’s portfolio and enhance its capabilities, footprint and customer base.
In September, RBC Bearings announced it had started concurrent public offerings of 3 million shares of its common stock and $400 million in aggregate liquidation preference of Series A mandatory convertible preferred stock.
The company indicated it planned to use the net proceeds to fund a portion of the cash purchase price for the DODGE acquisition, to pay acquisition-related fees and expenses, and for general corporate purposes.
Contact Michelle Tuccitto Sullo at msullo@newhavenbiz.com.
