RBC Bearings Buys Phoenix for $4.3M

RBC Bearings Buys Phoenix for $4.3M Ball bearing manufacturer RBC Bearings Inc. said Tuesday it has acquired Britain-based Phoenix Bearings Ltd. for $4.3 million in cash. Phoenix makes ball bearings for the steel and mining industries and other general industrial uses. The company reported $4.5 million in revenue for its most recent calendar year, RBC Bearings said. RBC Bearings Chairman and Chief Executive Michael J. Hartnett said Phoenix's "technology and expertise in manufacturing large bearings with bore sizes of up to one meter enhances our offering to both existing and new business." Shares of RBC Bearings slipped 46 cents to close at $37.24.