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RBC Bearings Inc. (Nasdaq: ROLL), Oxford, Connecticut, has acquired Swiss Tool Systems AG, Bürglen, Thurgau, Switzerland, for approximately CHF 33 million ($33.9 million), to be financed through cash on hand and debt.
Swiss Tool Systems is a supplier of modular tooling systems and high-precision boring and turning solutions for metal cutting machines.
“Today we are very pleased to announce the acquisition of Swiss Tool Systems AG. Swiss Tools is a leading world-wide supplier of modular tooling systems and high-precision boring and turning solutions for metal cutting machines. Swiss Tools supplies highly engineered products that are complementary to our collets business in Europe and the U.S. to a customer base that we know well and serve daily. Their manufacturing processes and design expertise align very well with and complement those of RBC Bearings,” said Dr. Michael J. Hartnett, RBC Bearings chairman, president and CEO. “We are adding a very talented Swiss Tools team who are experts in these products and we are excited to welcome those valued employees to the growing RBC Bearings team.”