ABB signed a definitive agreement to divest Mechanical Power Transmission (Dodge) to RBC Bearings Inc. for $2.9 billion in cash. The transaction will create a leading manufacturer of highly engineered, performance-critical bearings and motion control components, RBC Bearings said.

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