Dodge BearingABB signed a definitive agreement to divest its Mechanical Power Transmission division to RBC Bearings Inc. for $2.9 billion in cash. The transaction is expected to be completed by the end of the year, subject to customary closing conditions, including regulatory review.

“[This acquisition] will enhance RBC Bearings’ capabilities, footprint, and customer access while increasing our exposure to Dodge’s attractive end markets,” RBC Bearings Chairman, President and CEO Dr. Michael J. Hartnet said. “Our businesses are highly complementary, with Dodge bringing new offerings, new end markets, and more scale to the combined organization.”

For more than 140 years, the Dodge business has been a leader in the design, production, and marketing of mounted bearings, enclosed gearing, and power transmission components.