WEST NYACK, NY -- December 21, 2001--General Bearing Corporation (Nasdaq:GNRL) announced today that it has increased its ownership of Jiangsu General Ball & Roller Company, Ltd. ("JGBR") to 60%. JGBR, located in Rugao City, Jiangsu Province, China, is the nation’s largest producer of steel balls.
General Bearing Corporation agreed with NN, Inc. to acquire NN’s interest in NN General, LLC, a holding company that has as its principal asset, the 60% interest in JGBR. Consideration for the acquisition was a combination of cash and notes valued at $3.9 million.
General Bearing President, David L. Gussack said, "JGBR is a QS-9000 certified facility that has a reputation for impeccable quality and is renowned in Asia, Europe and the U.S. It has been profitable since its formation in January 2000. We are committed to further investment to help JGBR maintain its premier position in the Asian marketplace and to expand its presence worldwide."
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.