General Bearing Company (West Nyack, New York) has acquired 60% controlling interest in Jiangsu General Ball & Roller Company Ltd.

Jiangsu General is China's largest manufacturer of steel balls. It was formed in January 2000 as a joint venture of Jiangsu Lixing Steel Ball Factory, General Bearing, and NN Inc. (Johnson City, Tennessee; at the time named NN Ball and Roller). The factory is the former Jiangsu Lixing plant in Rugao City, Jiangsu Province.

Jiangsu Lixing owns 40% and the other 60% was owned by a holding company, NN General LLC, formed by General Bearing and NN. General Bearing has now bought out NN's position for USD $3.9 million in cash and notes.

General Bearing's President, David Gussack, said, "We are committed to further investment to help JGBR maintain its premier position in the Asian marketplace and to expand its presence worldwide."

General Bearing has three joint ventures in China; at the beginning of 2001, the company had minority ownership in all three. Now at the close of 2001, it controls them - investing approximately $8 million in the process.

In early 2001, General Bearing invested over $1 million in Ningbo General Bearing Company, as part of an eventual $1.2 million investment to push its ownership share from 42% to 50%. General Bearing also took management control of Ningbo.

Last week, the company announced it had obtained 50% ownership in Shanghai General Bearing Co., Ltd., investing $3 million. As with Ningbo, General Bearing took management control.