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The eBearing News
January 16, 2006
NTN Moves to Acquire SNR
copyright © 2005 eBearing Inc.
NTN Corp. (Japan) is preparing to acquire French bearing manufacturer SNR Roulements from
its parent Renault SA (France), according to numerous sources. Renault is expected to make
the announcement official during a February 9 investors conference, as the troubled
automaker prepares a turnaround and reorganization plan.
No firm timeframe has been established for divesting SNR, according to eBearing's sources.
However, because NTN reportedly walked away from a similar agreement just this past September 2005,
word of its possible revival caught many by surprise.
SNR (Societe Nouvelle de Roulements, or the New Bearing Company)
is a global bearing manufacturer and supplier to the automotive, industrial and aerospace industries.
The company has five plants in France: Annecy, the headquarters; Argonay (high precision bearings); Meythet
(roller bearings); Seynod (rolling elements, ball bearings, clutch release bearings, thrust bearings);
Ales (ball bearings, automotive wheel hub bearings. And five plants in other countries: Bielefeld, Germany
(linear guides); Curitiba, Brazil (ball bearings, tapered roller bearings); Turin, Italy (spherical roller
bearings); Sibiu, Romania (standard ball and roller bearings); Atlanta, Georgia, USA (aerospace bearing
maintenance).
SNR operates two main warehouse and logistics centers. The first and largest is in Cran Gevrier,
on the outskirts of Annecy; the other is in Saint Vulbas, outside Lyon.
In October 2005, SNR divested its bearing ball manufacturing facilities in Annecy, France to NN Inc. (USA).
article: SNR turns over ball production to NN
In September 2005, Renault recalled SNR CEO Gerard Ravouna after ten years at the helm of SNR, reportedly
after the NTN deal fell through. Didier Simon has replaced Mr. Ravouna.
article: SNR shuffles top executives
Founded in 1946, SNR is follow-on company of SRO, a French bearing manufacturer founded in Annecy 1916. SRO
was destroyed by WWII RAF bombing raids in 1944, and in 1946 a newly nationalized Renault took over and revived
the company as Societe Nouvelle de Roulements. The company then
consolidated five bearing factories. SNR had 2004 sales of
approximately €506 million (USD $615.5 million). The organization employs more than 4,000 people worldwide,
and 3,200 in France.
SNR claims to be the first bearing company certified ISO 9001, in 1990.
In addition to its industrial and aerospace bearing ventures, the majority of SNR's bearing production is
dedicated to OEM auto manufacturers and aftermarket repair sales. SNR is a major supplier of transmission
bearings, suspension bearings, clutch release bearings and wheel bearings, including advanced wheel hub
units, to the world's automakers, including Renault, Citroen, Peugeot, Fiat, Volkswagen, Volvo, and many others.
SNR has also taken an active role in the joint venture development of the dual-clutch transmission, an
advanced high-performance automatically actuated manual transmission which is projected to take 20% of
the European automotive transmission market within the next ten years.
In September 2002, the French Conseil de la Concurrence found INA, FAG, SKF and SNR guilty of collusion
and price fixing in the French market from 1993 to 1997. The four companies were fined a total
of $18.7 million
article: bearing manufacturers fined for price-fixing in France
Complicating the NTN buyout are SNR's existing business relationships, most notably
one for automotive wheel bearing hub assembly technology shared with SKF AB (Sweden).
Even more roadblocks are sure to develop, if NTN pursues its bid. French authorities have been strongly
criticized by the EU for a recent turn to heavy protectionism of domestically-owned businesses, and of
prohibiting several high-profile acquisitions. They have also established a list of French business sectors,
identified as "important" to keep under French control, regardless of EU/EC directives or market conditions.
French authorities blocked INA's takeover of aerospace manufacturer SNFA, a proposition later rejected
by the EC as well. There is little reason to
believe a foreign buyer for SNR would meet any warmer reception from French authorities.
Finally, SNR's unions are also reportedly against any sale to NTN, preferring to stay under a French
company; Renault being one of the country's crown jewels of manufacturing, many said they believe their
future would be better staying under Renault with the attendant perks and protections.
Renault and NTN have had no official comment on the possible acquisition.
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- by Bruce A. Carr
from individual research,
tips and commercial sources.
Unauthorized reproduction is prohibited.
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eBearing.com ... for everything that moves™
Entire contents Copyright 1999-2008, eBearing Inc. All rights reserved.
eBearing.com and "... for everything that moves" are registered
trademarks of eBearing Inc.
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eBearing.com ... for everything that moves™
Entire contents Copyright © 1999-2008, eBearing Inc. All rights reserved.
eBearing.com and "... for everything that moves" are registered trademarks of eBearing Inc.
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