CBIA Promote Integration of Chinese Bearing Powers

Resource from: cbcc-yinx Likes:2945

Aug 14,2006

CBIA Promote Integration of Chinese Bearing Powers CBN(China Business News) source, CBIA officials told CBN that they are promoting the integration of the three largest bearing producers in China. As the increasingly fierce foreign acquisition, only through unification can domestic enterprises better compete with foreign rivals. At present, CBIA suggested that the top three bearing enterprises should consider being integrated into China National Machinery Industry Corporation, a state-run enterprise.(hereinafter refered to as SINOMACH) The above mentioned top three bearing enterprises are Wafangdian Bearing Group, Harbin Bearing Group and Luoyang Bearing Group. Actually, they altogether account for 15 percent of the whole market shares in China. Wafangdian Bearing Group is the earliest founded, before the founding of PRC. Besides, they are trying to join the top 10 world bearing manufacturers. As informed, Wafangdian Bearing Group has been in a good state. Last year, their sales exceeded RMB3 billion, profit close to RMB130 million. Therefore, they appeared to have little passion to the hot issues of acquisition, like LYC-Schaeffler acquisition. It is reported that high-level from the three enterprises have had some talks about integration, but no critical agreement have been reached. SINOMACH is one of the largest international engineering contractors in China. Its core business is general contracting of international engineering projects based with complete sets of machinery and power equipment. In 2005, SINOMACH is listed No. 47 in the "Global ENR 225 Largest International Contractors".

(cbcc-yinx)

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