RBC Completes the Acquisition of A.I.D. Corporation and BEMD, Inc.

Resource from: CBCC Likes:2943

Mar 13,2008

RBC Bearings Incorporated ,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 A.I.D. Corporation (“AID”) and BEMD, Inc. (“BEMD”) for approximately $5.9 million in cash and the assumption of certain liabilities. AID/BEMD, located in Clayton and Canton, Georgia respectively, manufacture integrated bearing assemblies and aircraft components for the commercial and defense aerospace markets. The two companies generated combined revenues of approximately $12.0 million for the year ended December 31, 2007. Dr. Michael J. Hartnett, Chairman and Chief Executive Officer, commented, “We are very pleased to close our third acquisition of fiscal 2008. The addition of AID/BEMD expands our product offering to the worldwide airframe and defense industries. These products are complimentary to RBC Bearings’ existing offering and broaden the value we deliver to the market place. We are confident that both companies will contribute immediately to shareholder value and will be good partners in the years ahead.”

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