(Bloomberg) -- RBC Bearings Inc. is in advanced talks to buy ABB Ltd.’s mechanical power transmission business, according to people familiar with the matter.

A deal could be reached as soon as this week and value the business, known as Dodge, between $2.5 billion and $3 billion, said the people, who asked to not be identified because the matter isn’t public. Discussions are ongoing, and a potential deal could still be delayed or fall apart, they added.

A representative for ABB declined to comment. A representative for RBC Bearings didn’t immediately respond to requests seeking comment.

ABB announced in November that it would explore options for Dodge, as well as its turbocharging unit and power conversion business. The Dodge unit had also drawn interest from suitors including Schaeffler AG and Timken Co., Bloomberg News has reported.

Dodge’s products include mounted bearings, enclosed gearing and bushings for industrial applications. ABB acquired the business as part of its 2011 purchase of Baldor Electric Co.

Based in Oxford, Connecticut, RBC Bearings makes bearings, control rods, couplings and other parts for the aerospace, construction and mining industries, according to its website.

RBC Bearings’s stock rose 2% to close near an all-time high of $206.51 in New York on Friday, giving the company a market value of about $5.2 billion.

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