SPZ Group (Russian Federation; website), which claims to be Russia's largest bearing manufacturer, announced it is taking foreign investment from two private equity firms.

Under the agreement, Springdale Investments Ltd., and Printex Investments Ltd. will be allowed to acquire up to 120,999 shares in SPZ Group by the end of 2008.

Neither company, however, shows up on any private equity investor listings.

SPZ Group reportedly had 350,000 shares outstanding; it will dilute up to 605,000 after the two investments and the management exercises leveraged buyin.

Otherwise known as the Samara Bearing Plants, SPZ was formed by combining several former state-run bearing plants -- Samara Bearing Plant 4 (GPZ-4), Samara Bearing Plant 9 (GPZ-9), Spetzprodukt SPZ-Group, Stal-Invest, and SZ KRS. The last three are, respectively, a sales company, an R&D group for small-lot-bearing production, and a lathe production and repair facility, respectively.

Overall, SPZ Group employs more than 7,000 people across its facilities in Russia. In total, bearing production is 40 million sets per year.

SPZ's production capacity in Russia primarily encompasses ball bearings, radial ball and roller bearings, angular contact ball and roller bearings, thrust ball and roller bearings, spherical roller bearings, and various rail bearings. Sizes produced in Russia are 19mm to 4500mm OD.

In 2006, the company formed a joint venture to produce in China, the first Russian manufacturer ever to establish a joint venture in the country.

article: SPZ Group in joint venture with Zhangjiagang AAA in China
SPZ's ownership is unclear, but thought to involve the Russian government, Alexander Shvidak, Victor Ershovym, Alexander Bogusonovym, Viktor Nechayev, GMK NorNickel, and Lavenco Ltd.