NSK Ltd. (Japan) automotive steering system division, NASTECH, is now renamed NSK Steering Systems America Inc.

NASTECH was formed in 1988 as a joint venture between NSK and Torrington, to produce steering columns and joints for OEM automotive manufacturers. It is now a wholly-owned subsidiary of NSK.

Located in Bennington, Vermont, the company is the largest independent manufacturer of steering columns and related components in the North American market. It employs 500 people and had fiscal 2001 sales of almost $100 million.

Seiichi Asaka, President and CEO of NSK, made the announcement. Mr. Asaka said the reason for the change is to increase the market awareness of the company as a manufacturer of steering column and joint products and expand its role as a global supplier of steering systems.

In October 2002, as part of its reorganization announcement creating NSK Steering Systems Co. Ltd. (Japan), NSK revealed it would not only be pulling in the electric power assisted steering business but also intended to integrate all of its steering businesses under that one roof. The company recently said this was done, "...in order to respond more efficiently to the market and to speed up our strategic decision-making process. We are also planning to integrate the design and production divisions of our steering column and steering joint businesses with the new company to strategically expand our role as a global supplier of steering systems. This will enable us to reinforce our global management of these businesses. We will focus on acquisition of large-scale orders to further improve profitability by strengthening our R&D activities and global production and supply system."

The former NASTECH Europe Ltd. was renamed NSK Steering Systems Europe Ltd. in 2001 after NSK acquired Torrington's share of that venture. Founded in 1995, it is a sister business which merged the steering businesses of Torrington U.K. and NSK Europe. From its manufacturing operations in Peterlee, U.K., NSK SSE supplies steering components to numerous automotive OEMs in Europe. The former Torrington factory in Coventry retains commercial and engineering functions. Since 2001, NSK SSE has not been part of NSK Europe but reported to the global steering business based in Japan.

The new Steering Systems group also includes NSK Steering Systems China Ltd.

It appears that Indian operation Rane NASTECH Ltd. is not yet involved.

Bearings make up approximately 5% of the value of a steering column system.