Oxford manufacturer takes $12.8M loss on sale
Aerospace parts maker RBC Bearings recorded an after-tax loss of $12.8 million on the $22.3 million sale in November of its Avborne Accessory Group aviation repair services division in Miami, which had net sales of $11.3 million over the preceding nine months.
Oxford-based RBC makes ball bearings and related components for a range of industries, with revenue rising 3 percent to $171 million for its third fiscal quarter that closed in December. Quarterly profits totaled $16.2 million, down from $23.8 million a year earlier.
Aersale spent $22.3 million to acquire Avborne, with RBC retaining a related operation in Franklin, Ind.
RBC acquired Avborne in 2015 as part of a $500 million deal for the Sargent Aerospace & Defense division of Dover Corp.
Alex.Soule@scni.com; 203-842-2545; @casoulman