NTN Signed Cooperation Memorandum with Luoyang LYC Bearing Company (Pic)
Mr. Chen, the Chairman of LYC Company and Mr. Yasunobu Suzuki, the Chairman and CEO of NTN Corporation on the signing ceremony
NTN Corporation (NTN for short) and China Luoyang LYC Bearing Co., Ltd.(Luoyang LYC for short) plan to establish a joint venture to manufacture and sell automobile bearings. The two parties have singed cooperation memorandum on the relevant affairs.
The purpose of establishing the joint venture:
As one of the important subject of medium-term managing plan---“NTN Facing up Future 2010”, NTN is speeding up the establishment and consummation of production and sales system in the newly-developed countries. In Chinese market ,where the demand expands rapidly and the wheel hub bearings take up the first market share in the world, NTN corporation will continuously expand the business field of various automobile and industrial machinery relevant products which have high technology level and high market share.
Luoyang LYC is the leading bearing manufacturer in China, which established wide sales and purchase network domestically, and develops continuously aiming at expanding the automobile market.
NTN and Luoyang LYC expected to accomplish the double advantage of highest quality level and the most competitive cost through joint venture in China which manufactures and sells the second generation and the third generation wheel hub bearings and needle roller bearings, and expand the sales scope to the automobile manufacturers in and out of China. Meanwhile, in order to expand the distribution of automobile and industrial machinery relevant products in China, the two parties have discussed about how to cooperate on distribution based on their own sales network.
Plan in the future:
The joint venture agreement is expected to be signed before the end of July, 2010 and the agreement on the establishment of joint venture and technological permission will be signed before the end of August. At the end of October, 2011, the joint venture will start the batch production. It is predicted that the total investment in the joint venture will be 1 billion yuan (about 13 billion yen).
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