Date: 2013-07-31

China ZWZ Signed Letter of Intent on Joint Venture with Japan JTEKT

On Sept. 28th, 2010, Wafangdian Bearing Group Co., Ltd.(hereinafter refers to ZWZ Group) and Japan JTEKT Co., Ltd.(hereinafter refers to JTEKT) hve signed letter of intent on joint venture.

In recent years, ZWZ Group has aimed at the large bearing group with international competition, taken the development of supporting bearings for 16 national key technological equipment fields as the orientation, carried out technology reformation and structure adjustment in large scope and established "ZWZ Group Precision Technology and Manufacturing Industria Park" and "ZWZ Group Precision Technology and Manufacturing (Dalian) Industrial Park". This year the company started to speed up the construction of national large bearing engineering technology research center and new zone of ZWZ precision technology and manufacturing industrial park. During the course, ZWZ group strengthened merging, unition, introducing and absorbing, energetically impel the course of internationalization.

As the solid growth of Chinese economy, China bearing industry has entered into the rapid development period, especially, the rapid development of the automobile industry, railway industry and new energy industry brings wider market for the bearing products. ZWZ Group and JTEKT both hope to enter into these important markets earlier. The two parties has established joint venture---Koyo Wazhou Automobile Bearing Co., Ltd.(KWA) in 1996 and achieved good performance. Based on this venture, the two parties signed letter of intent again to establish commom market, common technology, common manufacturing and common benefit in Chinese bearing market. They will cooperate on three aspects. One is the car bearing project. they will establish joint venture in Dalian to produce car wheel hub bearings, car gear box and car engine bearings,etc. The total investment will be 1 billion RMB, in which the two companies will be 50% each; and the market aim is that the market share of the car bearing products mentioned above will be the highest in the industry. The second is the high speed railway bearing project, including the wheel hub bearing and gear box bearing for high speed train. The cooperation method is to establish joint venture, of which, ZWZ Group will control the shares. The third is railway lorry bearing, wind power beairng as well as medium and large forgings project. The two parties will cooperate in the way of supply chain.

The operation committee and sales team established by the two companies have started the work. It is predicted that the joint venture contract on car bearing will be signed in three months and form the production capacity as soon as possible to meet the requirement of market growth.

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