First Sino-Russia Bearing Producer is Comming
Zhangjiagang AAA Bearing, founded in 1968, has become the key bearing producer in Jiangsu province and been included in the national leading bearing enterprises. At present, their total assets has hit RMB248 million, fixed assets RMB112million, covering area of 100,000 square meters, enrolled staffs 1000.
Russian SPZ Group is a large group corporation, engaged in finance, securities, investing and bearing manufacturing. As the second largest bearing producer in Russia, their products are not only popular in Russia but in other 100 countries and regions. They are well known in European countries, annual sales around $300 million.
From the AAA Bearing, we know that both parties had cooperated for a long time. Following the joint venture's setup, AAA Bearing are able to expand their European market. For the Russian part, they enjoyed the products diversification being brought by this joint venture. In the joint venture, Chinese and Russian parties take 35 and 65 percent of the total shares respectively.
After the first stage construction about 20,000 square meters' site, the company will begin to produce self-aligning ball bearings. Predictively, 80 percent of their products are expected to be used for export, designed annual sales were RMB150 million. The company is going to be managed by Chinese party with Russian experts for technical support.
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