(Yicai Global) July 25 -- Chinese ball-bearing manufacturer Changzhou NRB Corp. (NRB) [SHE:002708] has struck a strategic cooperative contract with Svenska Kullagerfabriken AB [NSE:500472] (SKUFF) to expand the Asian, European and American markets for needle roller bearings.
NRB Chairman Cheng Shangnan and SKUFF President Alrik Danielson signed a framework agreement for Strategic Cooperation on needle roller bearings in SKUFF's Headquarters in Gothenburg, Sweden, NRB announced yesterday, as Reuters News Agency reported. It will provide needle roller bearings to SKUFF's global clients, per the agreement.
Founded in 1907, SKUFF is the world's largest ball-bearing maker. With nearly 48,600 employees, and 150 branches worldwide, its business spans 130 countries, official data show. SKUFF clients are international well-known brands like General Electric Co., Rolls-Royce Holdings PLC and Pratt & Whitney.
The strategic agreement envisages NRB furnishing needle bearings to SKUFF's clients and participating in marketing and technical communications, while SKUFF will use its client resources and reputation to sell NRB products to the US, Europe and Asia, and provide quality and technical support.
Seven potential projects beckon under the strategic cooperation, NRB said. The arrangement will exercise a material effect upon NRB's profit growth, technical development and cultivation of talent.