Zhejiang Tianma Contest for LYC with Schaeffler Group
Tianma Bearing was founded in 1987. As a private bearing producer, they has become one of the industrial leader in recent year. With fixed assets RMB200 million, they employ over 1300 people, their annual output were 8 million sets. TMB is their registered brand.
It is reported that TIMKEN, Schaeffler Group, Wanxiang Group and Tianma Bearing were willing to acquire LYC when LYC's selling attempt were first proposed. At that moment, only Schaeffler quoted an acquiring price of RMB1.1 billion, price of other potential buyers were no higher than 500 million. This is partially why the Luoyang NAC signed the frame agreement with Schaeffler Group.
"The frame agreement is only a symbol of both parties' interest in this acquiring case. It's a paper showing both parties' intention, having no legally binding force. " said the man from Luoyang NAC.
Meanwhile, the man indicated that it doesn't matter who win the acquisition bid, as long as they can solve the employment of former LYC workers, imporve the enterprise and protect shareholders interest.
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