RBC Acquires All Power Manufacturing
RBC Bearings Inc. (USA; NASDAQ: ROLL) announced it has acquired All Power Manufacturing Co. (USA, privately held) for approximately USD $9.3 million cash.
Founded in 2001, All Power is located in Santa Fe Springs, California. Nominally a competitor to RBC's plain bearing division, All Power manufactures plain bearings, bushings, spacers, sleeves, and custom precision machined components for the aerospace and general industrial markets. According to regulatory filings, the company has an affiliated operation in Tecate, Mexico.
In addition to bearings, bushings and related items, All Power produces machining coolant, via its Kool Mist Division.
All Power's 2005 sales, according to RBC, were $12.2 million, although no margin or profitability numbers were offered. The company will become part of RBC's Plain Bearings business operations.
In August, All Power plead guilty and was fined $150,000 plus $20,000 restitution for two 2004 water pollution discharge incidents, the first involving a temporary employee and the second involving a burst hose. In both incidents, oil-contaminated wastewater ended up in the floor drain, the storm drain system to Coyote Creek and ultimately the San Gabriel River.
Beyond the $150,000 fine, All Power was placed on one year probation. Half the $150,000 will go to support community service projects, including the National Marine Fisheries Service and the International Bird Rescue Research Center in San Pedro. The $20,000 restitution is to be paid to the Los Angeles County Department of Public Works and the California Department of Fish and Game, for expenses incurred responding to the spill.
RBC's Chairman, President, and CEO, Dr. Michael Hartnett, said: "All Power has a long legacy of innovation in the aerospace market. The company is not only a leader in the production of aerospace components, but also delivers engineered products to a world class customer base that relies on its design and manufacturing expertise. This track record of superior processes, quality products and partnerships with customers will complement and extend our existing product line and enable us to further execute on our growth strategy."
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