Initial Shipment Under 2-Year, $14 Million Agreement
West Nyack, NY- May 12, 1998- General Bearing Corporation (Nasdaq: GNRL) today announced that it began shipping product to Ford Motor Company (NYSE: F), under its two-year, $14 million agreement to supply certain ball bearings to Ford Motor Company, signed in February 1998.
General Bearing President David L. Gussack said, "The supply agreement with Ford Motor Company, in particular General Bearing's ability to meet Ford's strict specifications and production schedule, affirms our standing as a premier, low cost, high-quality bearing supplier to the U.S. automotive industry." He added, "Having recently achieved QS-9000 for our West Nyack manufacturing plant, a quality assurance standard that was jointly developed in 1994 by Chrysler, Ford and General Motors, we fully expect to expand our presence within the automotive industry."
Gussack also said that the Company reached a final settlement of all claims, including counterclaims and third party claims in the action brought by the Company against a former East German trade agency and its successors. This settlement will have no impact, financial or otherwise, on the Company.