RBC Bearings Incorporated Completes Acquisition of VACCO Industries

OXFORD, Conn.--(BUSINESS WIRE)-- RBC Bearings Incorporated (NYSE: RBC), a prominent international manufacturer of highly engineered precision bearings, components and essential systems for the aerospace, defense and industrial industries, today announced that it has completed its previously announced acquisition of VACCO Industries from ESCO Technologies Inc. (NYSE: ESE) for $275 million in cash subject to post-closing adjustments. The purchase price was paid with a draw under RBC’s $500 million bank revolving credit facility and cash on hand.

With headquarters in South El Monte, California, VACCO is a prominent manufacturer of valves, manifolds, regulators, filters, and other precision components and subsystems for the space and naval defense channels. VACCO’s products are highly engineered mission-critical components, designed to perform seamlessly in extreme environments.

About RBC Bearings

RBC Bearings Incorporated is an international manufacturer and marketer of highly engineered precision bearings, components and essential systems. The Company is primarily focused on producing highly technical or regulated bearing products and components requiring sophisticated design, testing, and manufacturing capabilities for the diversified industrial, aerospace and defense channels. The Company is headquartered in Oxford, Connecticut.

Safe Harbor for Forward-Looking Statements

Certain statements in this press release are “forward-looking statements.” All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including the expected benefits of the acquisition of VACCO and any statements of belief. Although the Company believes that the expectations reflected in any forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and to inherent risks and uncertainties beyond our control. These risks and uncertainties include, but are not limited to, risks and uncertainties relating to the acquisition of VACCO (including risks relating to unexpected acquisition-related costs, charges or expenses, RBC’s ability to achieve the growth and synergies expected from the acquisition, and RBC’s ability to pay down the acquisition-related indebtedness), general economic conditions, geopolitical factors, future levels of aerospace and defense manufacturing activity, future financial performance, the pricing of raw materials, changes in the competitive environments in which our businesses operate, the outcome of pending or future governmental policies, proceedings and approvals, increases in interest rates, tax legislation and changes, RBC’s ability to meet its debt obligations, its ability to acquire and integrate complementary businesses, and risks and uncertainties listed or disclosed in our reports filed with the Securities and Exchange Commission, including, without limitation, the risks identified under the heading “Risk Factors” set forth in our most recent Annual Report filed on Form 10-K. RBC does not intend, and undertakes no obligation, to update or alter any forward-looking statements.

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Mike Cummings or Josh Carroll

investors@rbcbearings.com

Source: RBC Bearings Incorporated