General Bearing Corporation (West Nyack, New York) announced it has increased its ownership share of Shanghai General Bearing Company Ltd. (Shanghai, China) to 50%.

Shanghai General is a joint venture between General Bearing and Shanghai Rolling Bearing Factory (Shanghai, China).

In taking half ownership, General Bearing is also assuming complete management control of the business.

David Gussack, General Bearing's President, said, "SGBC, General Bearing Corporation's original China-based manufacturing operation, was the first foreign bearing venture in China. Since its inception in 1987, SGBC has evolved to become what is likely the highest quality, most efficient producer of tapered roller bearings in China."

General Bearing did not immediately disclose the financial arrangements of the holding. The company did reveal earlier this year it had loaned a total of $600,000 to Shanghai General, expecting to convert the loan as part of the investment required to increase its ownership share.

This particular investment is one of several made during 2001 to increase General Bearing's ownership of its Chinese joint ventures. In addition to Shanghai General, the company has also taken management control of Ningbo General Bearing Company.

So far in 2001, General Bearing has invested over $1 million Ningbo General Bearing Company, as part of its $1.2 million investment to increase ownership in that venture from 42% to 50%. General Bearing took management control of Ningbo General earlier this year as part of that investment agreement.