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The eBearing News
October 28, 2005
SKF in Joint Venture with Shanghai Electric
copyright © 2005 eBearing Inc.
SKF AB (Sweden) and Shanghai Electric Group Co. (China) have reportedly formed a joint venture
relationship, aimed at helping SKF as it expands its presence in China.
The move also hinted SKF's plans for China also include direct strategic acquisitions.
Phil Knights, President of SKF Service, said: "China is an extremely important market for us.
SKF plans to grow at a pace doubling China's industrial output growth through organic growth and
the pace will quicken if a takeover happens."
The two companies have already been involved in two joint ventures since the mid-1990's, to manufacture
automotive bearings and bearings for home appliances.
Shanghai Electric is China's largest power generation and mechanical equipment manufacturing
conglomerate. The company has six publicly-traded divisions and 132 joint ventures.
In the strategic partnership, SKF gives Shanghai Electric Bearing access to its advanced logistics resources
and business development resources. Shanghai Electric gives SKF a badly-needed local partner to ease
Chinese market and business moves.
To date, SKF has facilities in Beijing, Dalian, Dongguan, Shanghai and Wuhu, employing almost
3,000 people.
article: SKF building Dalian factory
SKF has also established an engineering presence, with approximately 20 engineers, in Shanghai
to address local market needs and market opportunities.
In addition, SKF is reportedly planning to add at least three more manufacturing facilities
in China within the next three years.
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- by Bruce A. Carr
from individual research,
tips and commercial sources.
Bruce Carr edited this content.
Copyrighted material; unauthorized reproduction prohibited.
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eBearing.com ... for everything that moves™
Entire contents Copyright © 1999-2011, eBearing Inc. All rights reserved.
eBearing.com and "... for everything that moves" are registered trademarks of eBearing Inc.
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