OXFORD, Conn., 4 Dec. 2006. RBC Bearings Incorporated, an international manufacturer of precision plain, roller, and ball bearings for the industrial, defense, and aerospace industries, has received approximately $1.2 million in payments under the U.S. Continued Dumping and Subsidy Offset Act (CDSOA) for 2006. The CDSOA distributes antidumping duties paid by overseas companies to qualified domestic firms hurt by unfair trade.
In February 2006, U.S. legislation repealed the CDSOA while allowing disbursements under the act to continue for merchandise entering the United States before October 1, 2007. The repeal should not have a significant impact on potential CDSOA distributions in 2007, but is expected to reduce distributions in years beyond 2007, with distributions eventually terminating.
The receipt of CDSOA payments is dependent upon a number of factors. Given the February 2006 repeal of the CDSOA as well as other potential additional changes in the law, legal challenges to the law, and the status of the underlying antidumping orders, the Company cannot reasonably estimate the amount of CDSOA payments, if any, that it may receive in future years.