Your location:  Home  >  Bearing News  >  
<<  Back

FAG and ShangGong Sign Sales Contract

Resource from:  www.fag.com Likes:2951
Nov 02,2004
SCHWEINFURT, October 29, 2004. The negotiations regarding the sale of the FAG Kugelfischer block of stocks in Dürkopp Adler AG, a Bielefeld-based sewing machine manufacturer, have been successfully concluded. Representatives of the Chinese ShangGong Group and Robert Schullan as Chairman of the Executive Board of FAG Kugelfischer AG will sign the sales contract in Shanghai today. So negotiations of more than two years between the Chinese corporation and the Schweinfurt rolling bearing company come to a close. In May this year, representatives of both companies confirmed their intentions regarding Dürkopp Adler in the presence of Chinese Prime Minister and Chancellor Gerhard Schröder. Recent changes in the ShangGong management had delayed the signing of the contract. The completion of the transaction still depends on the approval of the Chinese authorities and on the implementation of the future financing concept for Dürkopp Adler by the buyer. FAG Kugelfischer AG, a member of the Schaeffler Group based at Herzogenaurach, holds a 94.9 percent majority in Dürkopp Adler AG, which offers solutions in sewing and materials handling systems with some 2000 employees worldwide. The ShangGong Group employs a workforce of more than 3200 and is one of the biggest sewing machine manufacturers in China.
(www.fag.com)
【CBCC News Statement】
1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
2.All news edited and translated by us are specially noted the source"CBCC".
3.For investors,please be cautious for all news.We don't bear any damage brought by late and inaccurate news.
4.If the news we published involves copyright of yours,just let us know.
Previous  Schaffler develops energy-efficient bearings

BRIEF INTRODUCTION

Cnbearing is the No.1 bearing inquiry system and information service in China, dedicated to helping all bearing users and sellers throughout the world.

Cnbearing is supported by China National Bearing Industry Association, whose operation online is charged by China Bearing Unisun Tech. Co., Ltd.

China Bearing Unisun Tech. Co., Ltd owns all the rights. Since 2000, over 3,000 companies have been registered and enjoyed the company' s complete skillful service, which ranking many aspects in bearing industry at home and abroad with the most authority practical devices in China.