NSK agrees with U.S. firm to set up bearings JV in China
TOKYO, April 9 Kyodo
Japanese bearings maker NSK Ltd. said Tuesday it has agreed with Timken Co. of the United States to set up a joint venture in Suzhou, China, to produce tapered roller thrust bearings.
The joint venture, Timken-NSK Bearings (Suzhou) Co., will be capitalized at $16 million and owned equally by the two bearings makers, NSK said in a statement.
The new firm is expected to begin production in China in early 2004 and aims for annual production of about 15 million sets at the initial stage, it said.
Tapered roller thrust bearings are used for automobile parts, such as transmissions and wheels.
COPYRIGHT 2002 Kyodo News International, Inc.
COPYRIGHT 2002 Gale Group