(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, citing people familiar with the matter.
ABB declined to comment to Reuters on Monday. 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 year.
Reporting by Derek Francis in Bengaluru, additional reporting by John Revill in Zurich; Editing by Sonya Hepinstall and Christopher Cushing
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