Bearings manufacturer RBC Bearings Inc. (NASDAQ: ROLL), Oxford, CT, has agreed to acquire Sargent Aerospace & Defense, a subsidiary of Dover Corp. (NYSE: DOV), for $500 million. The transaction is expected to close in the second quarter of 2015.
Based in Tucson, AZ, Sargent manufactures, sells and services hydraulic valves and actuators, specialty bearings, specialty fasteners, seal rings and alignment joints, and precision components. Annual sales are approximately $195 million and the company has over 750 employees in six facilities in three countries.
"Sargent supplies highly engineered products to a customer base that we know well and serve daily," said Dr. Michael J. Hartnett, president and CEO of RBC Bearings. "Their manufacturing processes and design expertise align very well with and complement those of RBC Bearings."