Japan NTN corporation and Renault's wholly owned subsidiary bearing SNR Roulements joint venture into the substantive phase. July 24, according to the conclusion of contracts, NTN determine to buy a 35% stake in SNR, and after one year will be the rate up to 51%, and completed in three to five years to hold a 80% stake in SNR. And according to the planning at present ownership, determine the contract is expected to complete all formalities at the end of October.
NTN move aimed at various SNR in power and influence in Europe, to improve their position in the industry, especially by sharing the SNR of the Roman factory and Brazil factory, equipment, research and development center, as well as human resources, improve production efficiency and quality of NTN, strengthening technical innovation and marketing to promote, optimize the return on investment.
SNR main production and operation of auto parts, industrial machinery, and aerospace components, ranked first in France, taking the lead in the global bearing industry, its sales in 2005 2005 yuan, the expected value of 5.82 billion yuan in 2006.
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