General Bearing Increases Investment in Joint Venture

Apr 16, 2001, 01:00 ET from General Bearing Corporation

    WEST NYACK, N.Y., April 16 /PRNewswire/ --
 General Bearing Corporation (Nasdaq: GNRL) announced today that it has signed
 an agreement increasing its ownership of Ningbo General Bearing Company, Ltd.
 (NGBC) of Ningbo, China, to fifty percent.  NGBC is a partnership between
 General Bearing Corporation of New York and China Ningbo Genda Group Co.,
 Ltd., of Ningbo, China.  Terms of the transaction were not disclosed.
     The Company said that NGBC has received all necessary approvals for the
 new capital structure, under which General Bearing Corporation will have
 management control.
     Established in 1996 to provide high-quality, cost-effective bearings and
 components to the U.S. automotive industry, NGBC is an ISO9002 and QS-9000
 certified facility.  Since October 2000, the prestigious Ford Q1 flag has
 flown at NGBC.
     General Bearing President, David L. Gussack said, "NGBC has successfully
 served the U.S. automotive industry for five years.  However, demand for the
 General Bearing blend of cost and quality is very strong.  Absent this
 increased investment, demand will eventually outstrip capacity.  This
 investment will be used both for plant expansion and quality initiatives,
 positioning General for continued growth."
     General Bearing manufactures ball bearings, tapered roller bearings,
 spherical roller bearings and cylindrical roller bearings.  Under "The
 General" and the "Hyatt" trademarks, the Company supplies original equipment
 manufacturers in the automobile, truck/trailer, railcar, office equipment,
 machinery and appliance industries, as well as the industrial aftermarket.
 
     "Safe Harbor" statement under the Private Securities Litigation Reform Act
 of 1995: This press release contains forward-looking statements that are
 subject to risks and uncertainties, including, but not limited to, the impact
 of competitive products, product demand and market acceptance risks, reliance
 on key strategic alliances, fluctuations in operating results and other risks
 detailed from time to time in the Company's filings with the Securities and
 Exchange Commission. These risks could cause the Company's actual results for
 the current fiscal year and beyond to differ materially from those expressed
 in any forward looking statements made by, or on behalf of, the Company.
 
 

SOURCE General Bearing Corporation
    WEST NYACK, N.Y., April 16 /PRNewswire/ --
 General Bearing Corporation (Nasdaq: GNRL) announced today that it has signed
 an agreement increasing its ownership of Ningbo General Bearing Company, Ltd.
 (NGBC) of Ningbo, China, to fifty percent.  NGBC is a partnership between
 General Bearing Corporation of New York and China Ningbo Genda Group Co.,
 Ltd., of Ningbo, China.  Terms of the transaction were not disclosed.
     The Company said that NGBC has received all necessary approvals for the
 new capital structure, under which General Bearing Corporation will have
 management control.
     Established in 1996 to provide high-quality, cost-effective bearings and
 components to the U.S. automotive industry, NGBC is an ISO9002 and QS-9000
 certified facility.  Since October 2000, the prestigious Ford Q1 flag has
 flown at NGBC.
     General Bearing President, David L. Gussack said, "NGBC has successfully
 served the U.S. automotive industry for five years.  However, demand for the
 General Bearing blend of cost and quality is very strong.  Absent this
 increased investment, demand will eventually outstrip capacity.  This
 investment will be used both for plant expansion and quality initiatives,
 positioning General for continued growth."
     General Bearing manufactures ball bearings, tapered roller bearings,
 spherical roller bearings and cylindrical roller bearings.  Under "The
 General" and the "Hyatt" trademarks, the Company supplies original equipment
 manufacturers in the automobile, truck/trailer, railcar, office equipment,
 machinery and appliance industries, as well as the industrial aftermarket.
 
     "Safe Harbor" statement under the Private Securities Litigation Reform Act
 of 1995: This press release contains forward-looking statements that are
 subject to risks and uncertainties, including, but not limited to, the impact
 of competitive products, product demand and market acceptance risks, reliance
 on key strategic alliances, fluctuations in operating results and other risks
 detailed from time to time in the Company's filings with the Securities and
 Exchange Commission. These risks could cause the Company's actual results for
 the current fiscal year and beyond to differ materially from those expressed
 in any forward looking statements made by, or on behalf of, the Company.
 
 SOURCE  General Bearing Corporation