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The eBearing News
January 13, 2006
TSB Group Acquires Xiangyang Bearing
copyright © 2005 eBearing Inc.
Tiansheng Bearing Group Co. Ltd. (TSB, China)
announced it has acquired controlling interest in
Xiangyang Automobile Bearing Co. Ltd. (XAB, China).
Paying 2.79 yuan per share, TSB spent 116.94 million yuan
(approximately USD $14.5 million) acquiring XAB's 41.9 million shares it did not already own.
Prior to the buyout, TSB had owned 121,000 shares of XAB. Once the additional shares are acquired, TSB will
own just over 42 million, or just under 30%, of XAB's outstanding shares.
TSB said it now has plans to eventually abandon its own home offices in Ningbo, Zhejiang province,
in favor of reloacting to XAB's home in Xiangfan City, Xiangfan.
Founded in 2000, TSB Group has grown by acquiring a number of bearing manufacturing and
distribution locations. Among the manufacturing plants are Ningbo TSB Bearing, Zhejiang TSB Bearing Factory,
Zhejiang TSB Forging Factory, Shaoxing TSB Bearing Factory, Shanghai United Bearing Co. Ltd.,
Shanghai TSB Needle Bearing, Ningbo TSB Shaft Factory, TSB Precision Casting Factory,
and Ningbo TSB Electric Motor. The company's U.S. distribution arm is The Bearings Group
America Co., on the web here.
Last year, TSB said it produced more than 30 million bearings, worth
more than $66 million.
Founded in 1968 as state-run Xiangyang Bearing Factory, Xiangyang Automobile Bearing Co. got its current
name in a 1993 asset restructuring. Its shares have been traded on the Shenzhen since 1997. The company continued
to be largely state-owned and state-run until 2003, when it was privatized. After privatization,
Xiangyang's employment was slashed from 8,000 to today's level of 1,700.
Xiangyang produces ZXY brand bearings, and claims to be China's largest manufacturer
or automotive-size ball and roller bearings.
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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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