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July 3, China Bearing Industrial Association(CBIA) announced that they rejected Schaeffler's acquisition of LYC resolutely. Spokesman from CBIA said:"If acquisition continue without any restrictions, it must influence national economy and industrial security."
In June, Schaeffler Group signed a frame agreement with Luoyang National Assets Committee, intending to acquire the whole LYC Group, including Luoyang LYC Bearing and the LYC brand.
Earlier, the Carlyle Group showed great interest in acquiring Xuzhou Construction Machine Group(XCMG), the largest producer of construction machine in China. However, because the acquisition, to some extent, had touched some national sensitive issues like industrial security etc, it is not approved by national authorities so far.
Bearing industry is the most important component of manufacturing industry. So Schaeffler-LYC case become highly noticed at the initial stage. CBIA is one of the representatives of the group that reject that acquisition.
It is reported that CBIA had expressed their objection to the higher authority, China Machine Industry Union, to seek some support.
| Product Model | Inside Diameter | Outside Diameter | Thickness |
| H3930 bearing | 150 | ||
| H3328 bearing | 140 |