Date: 2013-07-31

China's Tri-Ring to buy Polish Bearings Maker-source

Chinese automotive manufacturer Tri-Ring Group Corp will buy Polish bearings maker FLT Krasnik for some 300 million zlotys ($93 million) in the largest investment yet by a Chinese firm in Poland, a person close to the deal said.

The purchase comes a year after then Premier Wen Jiabao set a target of doubling China's trade with Poland and created a dedicated fund to reduce imbalances.

"The investment is a result of the political discussions during Wen Jiabao's visit last year," the source said on Wednesday.

Krasnik, which is 89 percent owned by state industry development agency ARP, employs 2,000 workers and has annual sales of some 200 million zlotys.

ARP declined to comment. No one at Tri-Ring was immediately available for comment.

ARP chief Wojciech Dabrowski and several Krasnik officials visited Tri-Ring Group last month to discuss a possible purchase.

Tri-Ring manufactures special purpose and military vehicles and automotive components in China.

Chinese companies are becoming more visible in Poland, with construction firms bidding in tenders for power units launched by local utilities. ($1 = 3.2107 Polish zlotys)

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