Deals
ABB to Sell Dodge Business to RBC Bearings for $2.9 Billion
- Swiss industrial giant is going through overhaul under new CEO
- RBC Bearings jumps to record high in New York trading
This article is for subscribers only.
ABB Ltd. agreed to sell its mechanical power transmission business to RBC Bearings Inc. as Chief Executive Officer Bjoern Rosengren swiftly overhauls the Swiss industrial giant.
RBC Bearings will pay $2.9 billion in cash to buy the Dodge unit, ABB said in a statement Monday, confirming an earlier Bloomberg News report. Dodge also drew interest from suitors including Schaeffler AG and Timken Co., people familiar with the sale process said earlier.