Gongzhuling Bearing Company: Regroup Brought Profit to Old State-Owned Enterprise

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Oct 22,2009

Gongzhuling Bearing Co., Ltd (Gongzhuling Bearing for short) has stepped out of the situation of successive deficit in short time after regroup and achieved earnings. The old state-owned enterprise takes on new look. Gongzhuling Bearing is originally the Gongzhuling Bearing Plant, which was an old state-owned enterprise with a long history of more than 50 years. It mainly manufactured the chassis bearing for large size automobiles and small precision bearing. The products were supplied to auto plants like China First Auto Works (FAW) and DFAC, etc. Even though the products of the company have distributed countrywide for many years, the historical problems and its system of the old state-owned enterprise can not adapt to the requirements of market development. In 2007, the company has been reformed. First the identification of the employees was changed. In March this year, the company has achieved the asset regroup with MOS Group. It is only four month after the regroup when the company has great change. During the first half of this year, Gongzhuling Bearing has achieved the product value of CNY 69.12 million, which increases 18% on a year-on-year basis. The sales achieved CNY 81.76 million, increasing 32% on the basis of last year. The two sets of data demonstrate the growing situation to all the employees, which has disappeared for a long time. Recently, The Company invested CNY 2 million in the technology reform, rebuilt the forging equipments, and recovered the production lines of heavy truck and car bearings. Meanwhile, the company actively boosts the technology reform projects which are during application. The old state-owned enterprise starts in another market competition.

(CBCC)

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