EX-99.1
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EXHIBIT 99.1
Exhibit 99.1
RBC Bearings Announces Closing of Sargent
Aerospace & Defense Acquisition
Oxford, CT - April 24, 2015 - RBC Bearings
Incorporated (Nasdaq: ROLL), a leading international manufacturer of highly-engineered precision bearings and components for the
industrial, defense and aerospace industries, today announced that it has closed on the acquisition of the Sargent Aerospace &
Defense business ("Sargent") of Dover Corporation (NYSE: DOV). The acquisition price of $500 million was financed through
a combination of cash on hand and senior debt.
With headquarters in Tucson, Arizona, Sargent
is a leader in precision-engineered products, solutions and repairs for aircraft airframes and engines, rotorcraft, submarines
and land vehicles. The company manufactures, sells, and services hydraulic valves and actuators, specialty bearings, specialty
fasteners, seal rings & alignment joints, and precision components under leading brands including KAHR Bearing, Airtomic, Sonic
Industries, Sargent Controls, and Sargent Aerospace & Defense. Annual sales are approximately $195.0 million and the company
has over 750 employees in six facilities in three countries.
Moelis & Company served as the exclusive
financial advisor and Kirkland & Ellis LLP served as the legal advisor to RBC Bearings.
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 2,510 people and operates 25 manufacturing facilities in five countries.
Safe Harbor for Forward Looking Statements
Certain
statements in this press release contain "forward-looking statements." All statements other than statements of historical
fact are "forward-looking statements" for purposes of federal and state securities laws, including the section of this
press release entitled "Outlook"; any projections of earnings, revenue or other financial items relating to the Company,
any statement of the plans, strategies and objectives of management for future operations; any statements concerning proposed future
growth rates in the markets we serve; any statements of belief; any characterization of and the Company's ability to control
contingent liabilities; anticipated trends in the Company's businesses; and any statements of assumptions underlying any
of the foregoing. Forward-looking statements may include the words "may", "estimate", "intend,"
"continue", "believe", "expect", "anticipate", and other similar words. Although
the Company believes that the expectations reflected in any forward-looking statements are reasonable, actual results could differ
materially from those projected or assumed in any of our forward-looking statements. Our future financial condition and results
of operations, as well as any forward-looking statements, are subject to change and to inherent risks and uncertainties beyond
the control of the Company. These risks and uncertainties include, but are not limited to, risks and uncertainties relating to
general economic conditions, geopolitical factors, future levels of general industrial manufacturing activity, future financial
performance, market acceptance of new or enhanced versions of the Company's products, the pricing of raw materials, changes
in the competitive environments in which the Company's businesses operate, the outcome of pending or future litigation and
governmental proceedings and approvals, estimated legal costs, increases in interest rates, the Company's ability to meet
its debt obligations, and risks and uncertainties listed or disclosed in the Company's reports filed with the Securities
and Exchange Commission, including, without limitation, the risks identified under the heading "Risk Factors" set forth
in the Company's most recent Annual Report filed on Form 10-K. The Company does not intend, and undertakes no obligation,
to update or alter any forward-looking statements.
Contacts
RBC Bearings
Daniel A. Bergeron
203-267-5028
dbergeron@rbcbearings.com
Alpha IR Group
Michael Cummings
617-461-1101
investors@rbcbearings.com

EX - 99 . 1 6 v408433 _ ex99 - 1 . htm EXHIBIT 99 . 1 Exhibit 99 . 1 RBC Bearings Announces Closing of Sargent Aerospace & Defense Acquisition Oxford , CT - April 24 , 2015 - RBC Bearings Incorporated ( Nasdaq : ROLL ) , a leading international manufacturer of highly - engineered precision bearings and components for the industrial , defense and aerospace industries , today announced that it has closed on the acquisition of the Sargent Aerospace & Defense business ( " Sargent " ) of Dover Corporation ( NYSE : DOV ) . The acquisition price of $ 500 million was financed through a combination of cash on hand and senior debt . With headquarters in Tucson , Arizona , Sargent is a leader in precision - engineered products , solutions and repairs for aircraft airframes and engines , rotorcraft , submarines and land vehicles . The company manufactures , sells , and services hydraulic valves and actuators , specialty bearings , specialty fasteners , seal rings & alignment joints , and precision components under leading brands including KAHR Bearing , Airtomic , Sonic Industries , Sargent Controls , and Sargent Aerospace & Defense . Annual sales are approximately $ 195.0 million and the company has over 750 employees in six facilities in three countries . Moelis & Company served as the exclusive financial advisor and Kirkland & Ellis LLP served as the legal advisor to RBC Bearings . 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 2,510 people and operates 25 manufacturing facilities in five countries . Safe Harbor for Forward Looking Statements Certain statements in this press release contain " forward - looking statements . " All statements other than statements of historical fact are " forward - looking statements " for purposes of federal and state securities laws , including the section of this press release entitled " Outlook " ; any projections of earnings , revenue or other financial items relating to the Company , any statement of the plans , strategies and objectives of management for future operations ; any statements concerning proposed future growth rates in the markets we serve ; any statements of belief ; any characterization of and the Company 's ability to control contingent liabilities ; anticipated trends in the Company 's businesses ; and any statements of assumptions underlying any of the foregoing . Forward - looking statements may include the words " may " , " estimate " , " intend , " " continue " , " believe " , " expect " , " anticipate " , and other similar words . Although the Company believes that the expectations reflected in any forward - looking statements are reasonable , actual results could differ materially from those projected or assumed in any of our forward - looking statements . Our future financial condition and results of operations , as well as any forward - looking statements , are subject to change and to inherent risks and uncertainties beyond the control of the Company . These risks and uncertainties include , but are not limited to , risks and uncertainties relating to general economic conditions , geopolitical factors , future levels of general industrial manufacturing activity , future financial performance , market acceptance of new or enhanced versions of the Company 's products , the pricing of raw materials , changes in the competitive environments in which the Company 's businesses operate , the outcome of pending or future litigation and governmental proceedings and approvals , estimated legal costs , increases in interest rates , the Company 's ability to meet its debt obligations , and risks and uncertainties listed or disclosed in the Company 's reports filed with the Securities and Exchange Commission , including , without limitation , the risks identified under the heading " Risk Factors " set forth in the Company 's most recent Annual Report filed on Form 10 - K . The Company does not intend , and undertakes no obligation , to update or alter any forward - looking statements . Contacts RBC Bearings Daniel A . Bergeron 203 - 267 - 5028 dbergeron@rbcbearings.com Alpha IR Group Michael Cummings 617 - 461 - 1101 investors@rbcbearings.com