WEST NYACK, NY -- October 12, 2000--General Bearing Corporation (Nasdaq: GNRL) announced today that Ningbo General Bearing Company, Ltd. (NGBC), a partnership between General Bearing Corporation of New York and Ningbo Genda Co. of Ningbo, China, will achieve Q1 status from Ford Motor Company and Visteon Automotive Systems on October 18, 2000.
The Ford Q1 award recognizes organizations that have sustained levels of excellence in their systems and performance, resulting in high customer satisfaction. It is Ford / Visteon’s highest commendation to its suppliers. Ford / Visteon uses the Q1 process to identify "preferred" sources for current and future supply opportunities. While Q1 status has previously been awarded to a Chinese Ford / Visteon related company, NGBC is the very first non-related company in China to earn the honor, and one of only a handful of bearing manufacturers in the world to do so.
A special award and presentation ceremony, complete with a Q1 flag raising, will take place at NGBC’s newly expanded plant on October 18, 2000. Ningbo General will also celebrate a major expansion in plant capacity to fulfill growing future needs. Guests from Ford / Visteon, representatives from other major American, Japanese, and European manufacturers and several high ranking Chinese dignitaries are scheduled to attend. Vice Minister Zhang Xiaoyu of the State Bureau of Mechanical Industries, responsible for the Chinese automotive industries, will attend, reflecting the importance of the occasion.
Founded in 1996, NGBC has supplied in excess of 25 million bearings to Ford / Visteon over the last three years, while accomplishing a zero parts per million (PPM) defect rate - true zero defect manufacturing. It is important to note that Ningbo Genda, a partner in this joint venture, is a privately owned company, not government owned or influenced, confirming China’s movement to free enterprise.
This endorsement is most suitably awarded on the eve of China’s admission to the World Trade Organization. This event indicates that the Chinese auto parts producers are reaching capability to compete in world markets and to supply the growing China automotive industry.
Ford / Visteon have invested substantial time, effort, and money to establish a network of suppliers of automotive components to support Ford’s production in China when it commences. This event is another indication of Ford / Visteon’s commitment to develop a qualified auto parts industry in China.
General Bearing manufactures ball bearings, tapered roller bearings, spherical roller bearings and cylindrical roller bearings. Under "The General" and the "Hyatt" trademarks, the Company supplies original equipment manufacturers in the automobile, truck/trailer, railcar, office equipment, machinery and appliance industries, as well as the industrial aftermarket.
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward looking statements that are subject to risks and uncertainties, including, but not limited to, the impact of competitive products, product demand and market acceptance risks, reliance on key strategic alliances, fluctuations in operating results and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission. These risks could cause the Company's actual results for the current FY and beyond to differ materially from those expressed in any forward looking statements made by, or on behalf of, the company.