OXFORD, Conn., 18 Dec. 2006.RBC Bearings Incorporated, an international manufacturer of highly-engineered precision plain, roller, and ball bearings for the industrial, defense, and aerospace industries, has completed the sale of its Nice Bearings facility located in Kulpsville, Penn. The asset was sold to Corvest Realty Group, Inc. The Company will realize approximately $3.5 million in net proceeds from the sale and a gain of approximately $800,000 before taxes.
"The sale of this facility represents the final phase of our Nice Bearings consolidation," says Dr. Michael J. Hartnett, chairman, president, and chief executive officer. "We are very pleased with our team's continued progress in driving efficiencies across the business and their ability to move production seamlessly from the Nice Bearing facility to other RBC locations. We believe that the completion of this facility sale demonstrates our continued execution and commitment to operational improvement."
