Luoyang Bearing Group Plan another Restructuring
In the passing 2005, LYCBC's financial results were optimistic. Operating margin were RMB1.512 billion, profit were RMB26 million. Average annual income of worker were RMB14,700, 60% higher than in the former LBGC. Feb. 2006, LYCBC's output value again hit RMB119 million.
At present, there still are some problems around LBGC and LYCBC, including LYCBC's inherited debt from LBGC; uncompleted assets transfering between them; the sharing "LYC" brand etc.
It is said that the LBGC is negotiating with China National Machinery Industry Corporation(SINOMACH) about a prospective acquirement. They want to help themselves out of the trouble by a second acquirement.
China National Machinery Industry Corporation(SINOMACH), established in January 1997 with the approval of the State Council, is a large state-owned enterprise group integrating technology, industry, trade and financial services into one entity. SINOMACH, consisting of major companies and institutions attached to the former Ministry of Machinery Industry, is now under direct control of the State Assets Supervision and Administration Commission of the State Council. The company, with a registered capital amounting to 2.05 billion yuan.
Luoyang Bearing Group Corp.(LBGC)
Luoyang LYC Bearing Co.,Ltd(LYCBC)
China National Machinery Industry Corporation(SINOMACH)
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