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SKF has announced that it has signed a contract with General Bearing Corporation (GBC) to acquire the company for US$125 million.
Mr. Tom Johnson, president and CEO of SKF, stated: "GM Bearings has used its factory in China to serve the automotive market and heavy load market in the United States. The business development has been very successful. The main brands are General and Hyatt. The bearing company fully complies with SKF's development strategy."
General Bearing Co., Ltd. will continue to operate independently as a subsidiary of the SKF Group. In addition to the acquisition of the General and Hyatt brands, SKF's brands also include PEER, which was acquired in 2008.