RBC Building New Aerospace Bearing Plant in Torrington

RBC Bearings Inc. (USA; NASDAQ: ROLL announced it has begun building a new manufacturing facility in Torrington, Connecticut. The new Torrington plant will allow the company to move its Aircraft Products aerospace bearing production out of the 96,000 square foot space it now leases from Timken, part of the former Torrington Standard Plant. That lease runs through December 2008. RBC leased the space from Timken as part of its acquisition of the former Torrington aerospace bearing plant and facilities. After Timken acquired Torrington, it moved quickly to divest the Torrington aerospace bearing operations as nonstrategic. That manufacturing was and is still located in the historic but massive and outdated Torrington Standard Plant on Prospect Street. The new RBC plant is a refurbished former vending machine manufacturing facility on Winsted Road in Torrington. RBC reportedly acquired the location, 140,000 square feet on approximately 12 acres, for $7.5 million. Winsted Road will not only absorb all of the Standard Plant's current aerospace bearing production, but also allow room for planned expansion projects. Consulting on the new site construction and outfitting project is CONNSTEP, the Connecticut State Technology Extension Program, whose mission is to, "help Connecticut manufacturers apply advanced manufacturing and management techniques to become more competitive, supporting the growth of Connecticut's economy." In a press conference accompanying the new plant announcement, Chairman and CEO Michael Hartnett said: "We could have chosen from 18 or 19 other locations. But the workforce and management team here have helped our business to perform. We are happy to have our business invest in Torrington and in Connecticut." Mr. Hartnett added: "The new Torrington facility will play a critical role in helping the Company to further execute on operational initiatives and meet the diverse needs of our clients and the growing demand for our products. Since 2003, we have more than doubled our operations in Connecticut from 150 employees to over 300 employees. We are pleased that our investment in the state will continue and we are grateful to both state and local officials for their support." Local congresswoman Nancy Johnson said: "This is a big win for RBC's workers and for Torrington. This significant new investment in Torrington will boost our local economy and create and retain jobs. I congratulate RBC and its workforce on this good news, and I thank them for their commitment to Connecticut." Torrington Mayor Ryan Bingham (now 23, at age 22 elected Torrington's youngest mayor) said: "RBC has always been a friend to Torrington. We are proud to have them stay and grow in our city. It has been a pleasure working with them and we know that this partnership will last for many years to come." Reportedly, RBC will invest at least $6 million in the initial refitting, and a total of $8 to $12 million over the next five years, as the new facility comes online and ramps up production. Scheduled to come online in early 2007, all Standard Plant production should be shifted to the new facility long before its Standard Plant lease expires.