RBC Bearings Inc. (Nasdaq: ROLL), Oxford, Connecticut, has acquired Swiss Tool Systems AG, B¨¹rglen, Thurgau, Switzerland, for approximately CHF 33 million ($33.9 million), to be financed through cash on hand and debt.
Swiss Tool Systems is a supplier of modular tooling systems and high-precision boring and turning solutions for metal cutting machines.
¡°Today we are very pleased to announce the acquisition of Swiss Tool Systems AG. Swiss Tools is a leading world-wide supplier of modular tooling systems and high-precision boring and turning solutions for metal cutting machines.
Swiss Tools supplies highly engineered products that are complementary to our collets business in Europe and the U.S. to a customer base that we know well and serve daily. Their manufacturing processes and design expertise align very well with and complement those of RBC Bearings,¡± said Dr. Michael J. Hartnett, RBC Bearings chairman, president and CEO. ¡°We are adding a very talented Swiss Tools team who are experts in these products and we are excited to welcome those valued employees to the growing RBC Bearings team.¡±
