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RBC Bearings Incorporated Completes the Acquisition of CBS/Coastal Bearing Services
RBC Bearings Incorporated (Nasdaq: ROLL), a leading international manufacturer of highly-engineered precision plain, roller and ball bearings for the industrial, defense and aerospace industries, today announced that it has acquired the assets of CBS/Coastal Bearing Services ("CBS") for approximately $3.7 million in cash.
CBS, located in Houston, Texas, manufactures, inspects and refurbishes large bearings for the oil and mining industries, as well as other general industrial applications with sizes ranging up to 124 inches in diameter. CBS generated revenues of approximately $3.1 million for the year ended December 31, 2006. The financial results of CBS will be reported as part of RBC's Ball Bearings segment.
Dr. Michael J. Hartnett, Chairman and Chief Executive Officer, commented, "We are very pleased to close our second acquisition of fiscal 2008, building on our 15-year history of successful acquisitions in the sector. CBS represents another step in our strategy to expand our presence in the large bearing segment, and we look forward to maximizing the skills and expertise that CBS brings to the company. As our product portfolio expands, RBC will be able to further strengthen our offerings, extend our value proposition with customers and enhance returns to our shareholders."
| Product Model | Inside Diameter | Outside Diameter | Thickness |
| XV110 bearing | 110 | 180 | 23 |
| XV100 bearing | 100 | 170 | 23 |