“Our primary use of cash will continue to be focused on organic growth and the pursuit of acquisitions to complement our aerospace, defense, and industrial portfolios,” said Dr. Michael J. Hartnett, Chairman and Chief Executive Officer. “This repurchase program will enable us to offset the dilution of our incentive stock program, which is an important tool in our employee compensation plans and also demonstrates the strength of our cash generation and growth expectations.”
Under the new program, the Company may repurchase shares from time to time on the open market, through block trades, or in privately negotiated transactions in compliance with Securities and Exchange Commission Rule 10b-18. Purchases may be commenced, suspended or discontinued at any time without prior notice. This new program replaces the $10 million existing program which will expire immediately. Under that program, the Company repurchased 250,424 shares at an average price of $37.27 per share.
About RBC Bearings
RBC Bearings Incorporated is an international manufacturer and marketer of highly engineered precision bearings and components. Founded in 1919, the Company is primarily focused on producing highly technical or regulated bearing products requiring sophisticated design, testing, and manufacturing capabilities for the diversified industrial, aerospace, and defense markets. Headquartered in Oxford, Connecticut, RBC Bearings currently employs approximately 2,122 people and operates 23 manufacturing facilities in four countries.
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