Jiangsu Golden Horse Publishes Industry Comment
Resource from: CBCC Likes:2906
Aug 01,2008
China Jiangsu Golden Horse Steel Ball has issued its comments on the bearing industry in China, and reviewed recent performance.
Founded in 1987, Golden Horse manufactures and distributes XI brand bearing balls in two factories from its base in Jiangsu. The product line includes steel, aluminum, stainless steel, and ceramic balls.
Oddly, records indicate Golden Horse is a former subsidiary of Imperia Entertainment, named Muller Media. Muller Media was renamed China Jiangsu Golden Horse Steel Ball in October 2007, when it also changed its ticker symbol from MUMI. The company is now traded on Germany's Frankfurt Exchange, as 4J3.
Golden Horse has one subsidiary, Wuxi City Steel Ball Co. Ltd., in Wuxi, China.
The company said its plants in Wuxi and Xuyi now employ more than 250 people and produce more than three billion bearing balls each year. Exports go to more than twenty countries.
Three product development programs are on the schedule for 2008-2009, including G3 grade high-precision steel balls, resin grinding wheel production improvements, and the development of automotive bearing steel wire.
With the continued growth in demand from China's expanding infrastructure, and strong export demand, the Golden Horse said it and other manufacturers in China have been able to pass on dramatic raw material price increases. Selling price increases of 15% - 20% have been possible across the board.
Sales have continued to grow in parallel with the ability to raise prices -- Golden Horse's $6.3 million first quarter 2008 sales were nearly half the company's total for all of 2007.
2008 results also reaped the benefits of 2007 investments in plant and equipment, which drove down costs and raised productivity. A new plant expansion has also been completed in Xuyi.
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