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RBC BEARINGS INCORPORATED

(ROLL)
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RBC Bearings to Buy ABB's Mechanical Power Transmission Division for $2.9 Billion

07/26/2021 | 06:03am EDT

By Dave Sebastian

RBC Bearings Inc. has agreed to buy Asea Brown Boveri Ltd.'s Dodge mechanical power transmission division for $2.9 billion in cash, the companies said.

Dodge, based in Greenville, S.C., makes mounted bearings, enclosed gearing and transmission components. It operates in the construction and mining aftermarket, food and beverage, warehousing and general machinery sectors, with sales mainly in the Americas.

RBC Bearings said it expects the deal to immediately add to its per-share earnings by about 40% to 60% in the first full fiscal year after close, excluding amortization of intangibles, deferred financing fees, and one-time deal costs associated with the transaction. The company said it expects cash per-share earnings to be between $7 and $8 a share in the first fiscal year.

RBC Bearings said the deal is supported by a fully committed bridge facility, with permanent financing expected to include a mix of debt and equity.

Dodge had revenue of about $600 million for the year ended June 30, according to ABB, as Asea Brown Boveri is known. The unit has about 1,500 employees world-wide. ABB said it expects to book a non-operational pretax book gain of about $2.2 billion on the sale of Dodge. It also sees transaction-related cash tax outflows of about $400 million.

The companies expect the deal to close in the fourth quarter.

Write to Dave Sebastian at dave.sebastian@wsj.com

(END) Dow Jones Newswires

07-26-21 0803ET

Stocks mentioned in the article
ChangeLast1st jan.
ABB LTD 1.18% 32.56 Delayed Quote.30.23%
RBC BEARINGS INCORPORATED 5.36% 200.17 Delayed Quote.5.73%
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Financials (USD)
Sales 2022 669 M - -
Net income 2022 113 M - -
Net Debt 2022 - - -
P/E ratio 2022 42,2x
Yield 2022 -
Capitalization 4 765 M 4 765 M -
Capi. / Sales 2022 7,12x
Capi. / Sales 2023 6,40x
Nbr of Employees 3 885
Free-Float 94,5%
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Mean consensus OUTPERFORM
Number of Analysts 4
Last Close Price 189,30 $
Average target price 208,00 $
Spread / Average Target 9,88%
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Managers and Directors
Michael J. Hartnett Chairman, President & Chief Executive Officer
Robert M. Sullivan VP, Chief Financial & Accounting Officer
Daniel A. Bergeron Chief Operating Officer, Director & Vice President
Edward D. Stewart Independent Director
Steven H. Kaplan Independent Director
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