Oxford, Connecticut-based RBC Bearings Incorporated on Aug. 21 announced the acquisition of the business assets of Specline, Inc. — a manufacturer of precision bearings for the commercial and defense aerospace markets — for $18.7 million.
“Specline has a proven business model that delivers value to aircraft customers,” said Dr. Michael J. Hartnett, Chairman and CEO. “The addition of Specline’s unique bearing and manufacturing processes increases the breadth of our aerospace product offering and enhances our production capacity. We are excited to be gaining such a well-respected family business with deep customer relationships and a talented workforce. Rick and Veronica Clemens continued the legacy of Rick’s father over the last 50 years and have now passed the torch to RBC Bearings.”
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Founded in 1970 in Carson City, Nevada, Specline has a “diverse aerospace customer base” while employing 38 staffers. The business produces standard and custom configuration precision spherical bearings, rod ends and journal bearings. Specline generated approximately $8.4 million in net sales over the past year.
RBC’s earnings for its 2023 fiscal year ended April 1. The report included sales of $1.47 billion, which were up 55.8% vs. 2022, largely driven by its late 2021 acquisition of ABB’s Dodge Mechanical Power Transmission business for $2.9 billion. Net profit of $167 million was up 46.9%, while adjusted EBITDA of 29.5% improved from 2022’s 28.3%.
On Aug. 4, the company announced its fiscal 2024 first-quarter earnings, which showed that net sales were $387.1 million, an increase of 9.3% from $354.1 million in 1Q 2023.