UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of
report: January 13, 2010
(Date of earliest event reported: January 12,
2010)
RBC
BEARINGS INCORPORATED
(Exact
name of registrant as specified in its charter)
|
Delaware
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333-124824
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95-4372080
|
|
(State
or other jurisdiction
of
incorporation)
|
(Commission
File
Number)
|
(IRS
Employer
Identification
No.)
|
One
Tribology Center
Oxford,
CT 06478
(Address
of principal executive offices) (Zip Code)
(203)
267-7001
(Registrant’s
telephone number, including area code)
N/A
(Former
name or former address, if changed since last report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see
General Instruction A.2. below):
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
Page
1
On
January 12, 2010 RBC Bearings Incorporated (the “Company”) announced that it has
received two awards for clean energy manufacturing federal tax credits totaling
$8.3 million to support the development of its wind turbine bearing facility in
Houston, Texas A copy of the press release announcing the receipt of
the awards is attached hereto as Exhibit 99.1 and is incorporated by reference
herein.
Item 9.01
Financial Statements and Exhibits.
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(d)
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Exhibits
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Exhibit
99.1
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Press
Release of RBC Bearings Incorporated dated January 12,
2010.
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SIGNATURES
According
to the requirements of the Securities Exchange Act of 1934, the Company has duly
caused this report to be signed on its behalf by the undersigned, hereunto duly
authorized.
Date:
January 13, 2010
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RBC
BEARINGS INCORPORATED
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|||
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By:
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/s/
Thomas J. Williams
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Name:
Thomas J. Williams
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|||
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Title:
General Counsel & Secretary
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Page
2
Press
release
RBC
Bearings Awarded Federal Tax Credit for Wind Project
Oxford,
CT – January 12, 2010 – RBC Bearings Incorporated (NASDAQ: ROLL), a leading
international manufacturer of highly-engineered precision plain, roller and ball
bearings for the industrial, defense and aerospace industries, today announced
that the Company has received two awards for clean energy manufacturing
federal tax credits totaling $8.3 million to support the development of its
wind turbine bearing facility in Houston, Texas.
“We
recognize the important role that wind power will play in the President’s
initiatives for clean, domestic energy and we are grateful for the government’s
support of RBC Bearings’ efforts to participate in this important high growth
market,” said Dr. Michael J. Hartnett, Chairman and Chief Executive
Officer. “These credits will support our expansion into large
diameter bearings to serve the wind turbine markets. We are
optimistic about the long-term prospects of this initiative and we believe that
our manufacturing expertise will continue to serve us well in the
future.”
The tax
credits were awarded by the U.S. Internal Revenue Service in cooperation with
the Department of Energy as part of the American Reinvestment and Recovery Act.
In accordance with section 48C of the Internal Revenue Code, two credit awards
were received. The first award is a credit of $4,157,400 related to
the recently completed investment in RBC Bearings’ Houston, Texas facility
equipment. The second award is a credit of $4,155,000 to support
further expansion of the Houston facility equipment going forward.
About RBC
Bearings
RBC
Bearings Incorporated is an international manufacturer and marketer of highly
engineered precision bearings and components. Founded in 1919, the
Company is primarily focused on producing highly technical or regulated bearing
products requiring sophisticated design, testing, and manufacturing capabilities
for the diversified industrial, aerospace and defense
markets. Headquartered in Oxford, Connecticut, RBC Bearings currently
employs approximately 1,724 people and operates 23 manufacturing facilities in
four countries.
Safe Harbor for Forward
Looking Statements
Certain
statements in this press release contain “forward-looking statements.” All
statements other than statements of historical fact are “forward-looking
statements” for purposes of federal and state securities laws, including any
section of this press release entitled “Outlook”; any projections of earnings,
revenue or other financial items relating to the Company, any statement of the
plans, strategies and objectives of management for future operations; any
statements concerning proposed future growth rates in the markets we serve; any
statements of belief; any characterization of and the Company’s ability to
control contingent liabilities; anticipated trends in the Company’s businesses;
and any statements of assumptions underlying any of the foregoing.
Forward-looking statements may include the words “may”, “estimate”, “intend”,
“continue”, “believe”, “expect”, “anticipate” and other similar words. Although
the Company believes that the expectations reflected in any forward-looking
statements are reasonable, actual results could differ materially from those
projected or assumed in any of our forward-looking statements. Our future
financial condition and results of operations, as well as any forward-looking
statements, are subject to change and to inherent risks and uncertainties beyond
the control of the Company. These risks and uncertainties include, but are not
limited to, risks and uncertainties relating to our ability to integrate
acquired companies or assets, general economic conditions, geopolitical factors,
future levels of general industrial manufacturing activity, future financial
performance, market acceptance of new or enhanced versions of the Company’s
products, the pricing of raw materials, changes in the competitive environments
in which the Company’s businesses operate, the outcome of pending or future
litigation and governmental proceedings and approvals, estimated legal costs,
increases in interest rates, the Company’s ability to meet its debt obligations,
and risks and uncertainties listed or disclosed in the Company’s reports filed
with the Securities and Exchange Commission, including, without limitation, the
risks identified under the heading “Risk Factors” set forth in the Company’s
Annual Report filed on Form 10-K. The Company does not intend, and undertakes no
obligation, to update or alter any forward-looking statement.
Contacts
RBC
Bearings
Daniel A.
Bergeron, 203-267-5028
dbergeron@rbcbearings.com
or
FD
Michael
Cummings, 617-747-1796
investors@rbcbearings.com