Date: 2013-07-31

Ownership Transformation Breath New Life into SBGC(1)

7 years ago, Sitong Bearing Group Corp.(SBGC), located in Changshan county Zhejiang province, was a small-size state owned enterprise. At that time, the company had a rate of debt over 90% which made the company be on the verge of bankruptcy. But following the 1998's transformation of ownership system, SBGC has developed to a local leading enterprise with an enterprise assets over RMB300 million Yuan. Meanwhile, the development of SBGC also brought about the prosperity of Changshan county's bearing industry and made Changshan county one of China's key bearing production bases. Then, Changshan county was entitled as "Homwtwon of Bearing". All of the above are subjected to SBGC's contribution.

Ownership Transformation Breath New Life into SBGC

In 1996, the debt of SBGC hit RMB90 million Yuan; rate of debt was over 90%. The enterprise was on the verge of bankruptcy.

Mr. Zhan duanping, president of SBGC, said:"It's the unclearly established ownership, lacking responsibility of the person in charge and inactive of the worker that cause the company's almost bankruptcy. We have no choice but transformation!"

Before the transformation, there were over 1300 workers in the company and as a result of lacking production mission, the scene that every 2 workers do a job which should have been done by one always appear.

In the course of transformation, the company decreased number of workers and got rid of the redundant internal departments. After those change, work efficiency of the whole company increased. In past, every 2 workers use the same machine in turn, so the machines were easily to be broken down and 3 repairmen and 2 electricians were still not enough for every workshop. Now, every worker use their own machines and 1 repairman and 1 electrician are seemed too much for every workshop.

Additionally, the transformation also helped SBGC repay all their debts, which can be regarded as the most significantly change.

(To be continue````)

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