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Chinese firm to buy state-owned bearings maker?


2012-04-12



Tri-Ring Group Corporation, a Chinese manufacturer of auto parts, has expressed an interest in acquiring FLT Krasnik, a state-owned maker of rolling bearings, the Industrial Development Agency (ARP) announced on 11 April. Initial talks took place during a recent ARP mission to China, and Tri-Ring’s representatives are expected to visit Krasnik (Lubelskie voivodship) shortly to discuss a possible deal.

FLT Krasnik is in the middle of an ARP-supported restructuring programme initiated in 2010, which has already restored the firm to profitability and reduced its debt load by almost a fifth to below PLN 30m (approx. €7.1m). (The Agency has in the process accumulated a 89% stake in the company). However, it needs a strategic investor to finance necessary investments and expansion to new markets.

FLT Krasnik is one of the largest makers of rolling bearings in Poland. It employs about 2,000 people and in 2010 generated revenues in excess of PLN 200m (€48m).

Founded in 1993, Tri-Ring makes a wider range of auto components, including e.g. gear boxes, dashboards, door panels, or brake switches, as well as bearings. It is also a state-owned company and has a similar headcount of over 2,000 people.



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