CAICI Intend to Acquire HRB

Resource from: cbcc-yinx Likes:2926

Jan 23,2007

CAICI Intend to Acquire HRB Shanghai Securities News source, CAICI(China Aviation Industry Corporation I) has shown their interest in acquiring HRB Bearing Group, another leading bearing producer in China. So far, the both sides have had several talks over the acquisition. CAICI is the largest domestic manufacturer and seller of military, civil planes, engine for aircraft etc. Given the connection between bearings and their main business, CAICI has been interested in acquiring domestic leading bearing producer for a long time. After failing to acquire LYC, they began to concentrate their effort on HRB Bearing Group. HRB Bearing Group is one of the three Chinese bearing giants. At present, the three giants, ZWZ, LYC and HRB, have had at least 15 percent of the market share in bearing industry. According to the latest statistics, HRB has total assets of RMB3.67 billion, over 4600 equipments, can produce 80million bearings every year. Their products can be divided into nine categories including more than 6000 types. The bearings are widely used in automobiles, farm machines, vehicles, electrical motors, construction machines, machine tools, mining machines, machines for petroleum industry etc. In an interview with Shanghai Securitier News, an expert from China Bearing Industry Association said:"I have heard about it." What he refered to is the CAICI's intention to acquire HRB. When being asked to give a comment to the event, the expert only said that the two have something in common in their business, it's workable to cooperate.

(cbcc-yinx)

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