RBC Bearings To Buy Dover's Sargent Aerospace & Defense Business

(RTTNews) - RBC Bearings Inc. (ROLL) said Thursday that it has agreed to buy the Sargent Aerospace & Defense business of Dover Corp. (DOV) for $500 million.

The deal, which will be financed through a combination of cash on hand and senior debt, is expected to close in the second calendar quarter of 2015.

Headquartered in Tucson, Arizona, Sargent is a supplier of precision-engineered components and aftermarket services in the aerospace and defense industries. Annual sales are about $195 million and the company has over 750 employees in six facilities in three countries.

RBC Bearings estimates earnings accretion between $0.25 to $0.35 per share for the first twelve months of operations as a combined Company.

Shareholder approvals are not required to complete the deal.