RBC Bearings SET TO PURCHASE ABB DODGE
RBC Bearings Incorporated has announced that it has entered into a definitive agreement to acquire the Dodge mechanical power transmission division of ABB for $2.9 billion in cash. With headquarters in Greenville, South Carolina, Dodge is a leading manufacturer of mounted bearings and mechanical products with market-leading brand recognition. Dodge manufactures a complete line of mounted bearings, enclosed gearing and power transmission components across a diverse set of industrial end markets. Dodge primarily operates across the construction and mining aftermarket, food & beverage, warehousing and general machinery verticals, with sales predominately in the Americas. DODGE generated revenue of approximately $617 million and adjusted EBITDA of approximately $174 million, representing an adjusted EBITDA margin of 28%, for the 12 months ended June 30, 2021.
RBC Bearings Chairman, President and Chief Executive Officer, Dr. Michael J. Hartnett, said, “We are very pleased to announce the execution of an agreement between ABB and RBC Bearings to acquire Dodge. The combination will enhance RBC Bearings’ capabilities, footprint, and customer base while increasing our access to Dodge’s attractive end markets. Our businesses are highly complementary, with Dodge bringing new offerings, new end markets, and more scale to the combined organization. The combined company will have an attractive position in the aerospace, defense and industrial markets with a diversified client base and expansive geographic footprint. We look forward to welcoming Dodge’s talented team to RBC Bearings.” “We are delighted that Dodge has found an excellent new home with RBC Bearings, where it can continue its exciting growth story,” said ABB CEO Björn Rosengren. “This transaction further strengthens ABB’s balance sheet. In line with our capital allocation priorities, we plan to first use the proceeds from the transaction to fund organic growth, pay a rising sustainable dividend per share and make value-creating acquisitions.”
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