Xibei Bearing Group Co. Ltd. (China; Shenzhen: 000595), CSC Bearing Co. Ltd., and Peng Aikun have formed a new joint venture manufacturing company in the Ningxia Hui Autonomous Region.

The new company will focus on manufacturing bearings for the fast-growing oilfield and energy exploration market in China.

Reportedly, the unit's annual capacity is in the neighborhood of 120,000 units.

Xibei claims to be China's leading manufacturer of various oilfield and drilling rig bearings, with 80% of the domestic market and 90% of the export market.

In the venture, Xibei contributed 70% and management control, while CSC contributed 30%.