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SKF buys General Bearing for $125m and gains four Chinese plants

14 February, 2012

SKF is buying the US-based General Bearing Corporation and its subsidiaries for $125m. GBC, which recorded sales worth around $155m in 2011, has four factories in China and 1,610 of its 1,750 employees are located in China, with just 140 based in the US.

GBC manufactures ball bearings, and tapered, spherical and cylindrical roller bearings sold under the General and Hyatt brands. It supplies the heavy-duty industrial aftermarket as well as the automotive, rail, office equipment and appliance OEM markets, particularly in the US. Its headquarters are in West Nyack, New York State.

Following the acquisition, GBC will continue to operate as an independent subsidiary within the SKF Group. The transaction will be structured as a merger and will require the approval of a majority of GBC shareholders at a meeting in March.

According to GBC chairman and CEO, David Gussack, “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 not fully addressed by the SKF brand”.

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