July 25 (Reuters) - RBC Bearings Inc is in advanced
talks to buy the power transmission unit of Swiss industrial
giant ABB Ltd, Bloomberg reported on Sunday.
The report comes days after ABB's Chief Executive Bjorn
Rosengren said an announcement on the sale of the unit, known as
Dodge, would be made in the next few weeks.
Dodge is valued at between $2.5 billion and $3 billion and a
deal between the ABB and Oxford, Connecticut-based RBC Bearings
could be reached as soon as this week, Bloomberg reported https://www.bloomberg.com/news/articles/2021-07-25/rbc-bearings-is-said-to-near-deal-for-abb-s-dodge-unit?sref=V7uxlNge,
citing people familiar with the matter.
ABB and RBC Bearings did not immediately respond to a
Reuters request for comment.
Dodge makes products including bearings used in industrial
food processing operations and belted drives for conveyors in
giant coal mines. ABB announced it was exiting the business last
(Reporting by Derek Francis in Bengaluru
Editing by Sonya Hepinstall)