SKF acquires General Bearing Corp.
Sweden-based SKF announced the acquisition of General Bearing Corporation headquartered in West Nyack, N.Y.
Most of GBC's 1,750 employees are based in China, where the company operates four factories. GBC employs 140 people in the United States, and its anticipated 2011 sales were about $155 million.
The company manufactures ball bearings, tapered roller bearings and precision roller bearings under the General and Hyatt brands, focusing on OEM and end-user customers within the truck, trailer, automotive and Industrial markets.
“Under David Gussack’s leadership GBC has very successfully developed their business serving the automotive and heavy duty markets in USA utilizing their factories in China,” said Tom Johnstone, SKF president and CEO. “The acquisition of GBC is fully in line with our strategy to develop our product offering with complementary brands enabling us to better serve these important markets.”
General Bearing Corporation will continue to operate as an independent subsidiary within the SKF Group. SKF also operates with the PEER brand, which was acquired in 2008.
“We are pleased to be joining the SKF Group and look forward to continuing to contribute to profitable growth in the bearing sector,” said David Gussack, GBC chairman and CEO. “Our focus on cost-effective overseas production and our proven track record of successfully operating in China will enable the SKF Group to further develop other markets previously not fully addressed by the SKF brand.”
INDUSTRIAL SUPPLY MAGAZINE
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