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7/26, 1:56 PM (Source: TeleTrader)
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RBC Bearings to buy ABB's Dodge for $2.9B

RBC Bearings Incorporated announced on Monday it has reached a deal to acquire Asea Brown Boveri Ltd's (ABB) mechanical power transmission unit Dodge in a $2.9 billion cash transaction.

The Connecticut-based firm's President and CEO Dr. Michael J. Hartnett noted that "the combined company will have an attractive position in the Aerospace, Defense and Industrial markets with a diversified client base," while ABB's CEO Bjoern Rosengren said that the transaction proceeds will be used to "fund organic growth, pay a rising sustainable dividend per share and make value-creating acquisitions."

The transaction is expected to be finalized in the fourth calendar quarter of 2021, subject to regulatory review.

Breaking the News / MS