RBC Bearings Incorporated, a leading international manufacturer of highly engineered precision plain, roller and ball bearings for the industrial, defense and aerospace industries, on June 9 announced that it has acquired the assets of Precision Industrial Components LLC (PIC Design) for approximately $6.6 million in cash and the assumption of certain liabilities.
PIC Design, located in Middlebury, Conn., is a manufacturer and supplier of tight-tolerance, precision mechanical components for use in the motion control industry. PIC Design has more than 20,000 active customers and generated revenues of approximately $10 million for the year ended December 31, 2007.
Dr. Michael J. Hartnett, chairman and chief executive officer, stated, “We are very pleased to close our first acquisition of fiscal 2009. The addition of PIC brings us a very unique franchise offering a wide array of products to the general industrial marketplace. As the pioneer and leader in the field of precision industrial component manufacturing and design, PIC provides us with additional technology, expertise, and complementary products that will help strengthen the value we deliver to our customers. This acquisition is in line with our stated strategy and goal of continually expanding our base, adding value to our clients, and increasing our value to the marketplace."
Headquartered in Oxford, Conn., RBC Bearings currently employs approximately 2,146 people and operates 22 manufacturing facilities in four countries.