RBC Bearings Inc. has acquired the business assets of Carson City, Nevada-based precision bearings manufacturer Specline Inc. for $18.7 million.
RBC Bearings, founded in 1919 and headquartered in Oxford, makes precision bearings, components and systems for customers in the industrial, defense and aerospace fields. Specline makes its bearings for the commercial and defense aerospace industries.
RBC Bearings CEO Michael J. Hartnett said the addition of Specline’s “unique bearing and manufacturing processes” is expected to both increase RBC’s aerospace product offerings and enhance its production capacity.
“We are excited to be gaining such a well-respected family business with deep customer relationships and a talented workforce,” Hartnett said, in an announcement. “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.”
Specline, founded in 1970, employs about 38 workers. The company reported generating about $8.4 million in net sales in the past year.
RBC has been expanding via acquisitions in recent years. In 2021, RBC acquired the DODGE mechanical power transmission division of Asea Brown Boveri Ltd. for $2.9 billion in cash. In 2019, RBC Bearings acquired Swiss Tool Systems for $33.9 million.
In its U.S. Securities and Exchange Commission filing in May, RBC reported having 52 facilities in 10 countries. In addition to its U.S. facilities, it has locations in Canada, Mexico, France, Switzerland, Germany, Poland, India, Australia and China. RBC reported net sales of $1.46 billion for the fiscal year ending April 1, 2023. RBC’s stock was trading at just under $218 per share as of Tuesday morning.
