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SKF recently signed an agreement to acquire General Bearing Corporation and its subsidiaries, including interest in four manufacturing sites in China. The transaction is subject to relevant regulatory and shareholder approvals.
“We are pleased to be joining the SKF Group and look forward to continuing to contribute to profitable growth in the bearing sector,” said David Gussack, chairman and CEO for General Bearing Corporation. “Our focus on cost-effective overseas production and our proven track record of successfully operating in China will enable the SKF Group to further develop other markets previously not fully addressed by the SKF brand.”
Under the terms of the agreement, the transaction is structured as a merger requiring approval of a majority of General Bearing Corporation’s shareholders at a special meeting, which is expected to take place March 19, 2012, in West Nyack, N.Y.
“I am delighted with the acquisition of GBC,” said Tom Johnstone, SKF president and CEO. “The acquisition of GBC is fully in line with our strategy to develop our product offering with complementary brands, enabling us to better serve these important markets.”
General Bearing Corporation will continue to operate as an independent subsidiary within the SKF Group, providing customers with products under the existing “General” and “Hyatt” brands.
General Bearing manufactures ball bearings, tapered roller bearings, spherical roller bearings, cylindrical roller bearings and bearing components. The company supplies original equipment manufacturers in the automobile, truck/trailer, railcar, office equipment, machinery and appliance industries, as well as the industrial aftermarket.
For more information, visit www.skf.com.