GOTEBORG, Sweden, Nov. 07, 2003 (PRIMEZONE) -- SKF, the world's largest bearing company, formally opened its latest factory in Shanghai, China, on November 7th, 2003.
SKF Shanghai Bearings Co. Limited is a joint venture in which SKF has the majority shareholding (60%) and management responsibility. The company was established in 2002 between SKF and Shanghai Bearing Corporation (SBC).
The new factory is located in the Pudong Development Zone and manufactures deep groove ball bearings. Three of six production channels have already been installed and contain the very latest manufacturing technology. They began volume production during 2003 after pre- production samples were rigorously inspected and tested by SKF at its facilities in Europe.
The factory will produce deep groove ball bearings of different sizes with a wide variety of final variants to meet customer needs and applications. These bearings can be used in a wide variety of applications including household and electric motors.
- This investment is another testimony of SKF's commitment to China. We have been growing fast in recent years and we intend to continue to strengthen our position in this challenging and fast growing market, said Tom Johnstone, CEO and President of AB SKF, at the official inauguration of the new Shanghai factory.
For a possible second phase of investment the factory has sufficient floor space for a doubling of the capacity.
This is SKF's fifth joint venture in China and its second with SBC, the first being SKF Automotive Bearings Co. Limited, which was set up in 1995.
Goteborg, November 7, 2003 Aktiebolaget SKF (publ.)
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Aktiebolaget SKF, SE-415 50 Goteborg, Sweden, tel. +46 (0)31 337 1000, fax +46 (0)31 337 2832, www.skf.com
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