WEST NYACK, NY -- December 18, 2001--General Bearing Corporation (Nasdaq:GNRL) announced today that it has signed an agreement increasing its ownership of Shanghai General Bearing Company, Ltd. (SGBC) of Shanghai, China, to fifty percent. SGBC is a partnership between General Bearing Corporation of New York and Shanghai Rolling Bearing Factory of Shanghai, China. Terms of the transaction were not disclosed.
The Company said that SGBC has received all necessary approvals for the new capital structure, under which General Bearing Corporation will have management control.
General Bearing President, David L. Gussack said, "SGBC, General Bearing Corporation’s original China-based manufacturing operation, was the first foreign bearing venture in China. Since its inception in 1987, SGBC has evolved to become what is likely the highest quality, most efficient producer of tapered roller bearings in China."
Gussack added, "Its reputation is well known throughout the U.S. and Asia. SGBC is a QS-9000 certified facility and has won productivity awards for ten consecutive years, making it a standout among foreign ventures. It is also the first company in China to be certified to ISO/TS 16949, a combination of the highest quality credentials that the U.S., Germany and France have to offer."
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.