General Bearing Corp. recently increased its ownership in two China-based manufacturers.
The ball/roller bearing producer last week agreed to acquire NN Inc.’s interest in NN General L.L.C., a holding company whose principal asset was a controlling interest in Jiangsu General Ball & Roller Co. Ltd. (JGBR). Located in Rugao City, Jiangsu Province, JGBR is China’s largest steel-ball producer. The deal’s total cash/note value is $3.9 million. General Bearing now owns 60 percent of JGBR.
General Bearing also inked an agreement to boost its ownership of Shanghai General Bearing Co. Ltd. to 50 percent. The transaction’s terms weren’t disclosed.
Source: Progressive Railroading Daily News
