Wanxiang Group Corporation (China) signed an agreement with a division of Karolin Machine Tool AB (KMT; Switzerland) to purchase a wide variety of high-precision manufacturing equipment for its Chinese bearing factories.

The KMT division, Lidkoping Machine Tools AB (Switzerland), will equip Wanxiang with the latest technology and complete systems for bearing grinding, including handling and measuring equipment. Delivery is scheduled to take place during 2003.

Lidkoping manufactures high precision equipment for grinding, centerless grinding, internal/external grinders, ID/OD/flange grinders and combination grinders.

Johan Westberg, Lidkoping's President, said, "We are pleased to receive an order of this magnitude from an expanding world class company like Wanxiang. We are committed to provide added value to our customer with superior process capabilities."

Earlier this month, Lidkoping revealed it is equipping American Axle & Manufacturing (USA) with a turnkey system for Universal joint grinding. The system will consist of centerless grinders, double disc grinders, complete automation equipment and all the additional adjoining equipment required. AAM is the world's leading manufacturer of driveline systems for OEM auto and truck manufacturers.

Privately-held Wanxiang Group Corporation is a manufacturer of ball and roller bearings, hub units, universal joints, CV joints, clutch release bearings and bearing components for manufacturers worldwide.