| 2006-07-25 | PRESS RELEASE
NTN Corporation Enters into an Agreement to Purchase Shares of SNR Roulements
NTN Corporation has entered into an agreement to purchase the shares of SNR Roulements,
a wholly owned subsidiary of Renault, in order to expand its bearing business in Europe.
NTN and Renault have been building a long term relationship after NTN and Renault established
a joint venture in 1998 to produce CVJ’s. NTN plans to expand its bearing business on the
strong partnership already built between the two companies. By having an equity participation
in SNR, the largest bearing manufacturer in France, and one of the major bearing companies
in the world, NTN hopes to increase its presence in Europe by combining the engineering,
production and research and development capabilities of both companies.
Future Plans:
1. The expected closing of this agreement at the end of October 2006 to acquire 35% of the shares.
2. Plan to acquire 51% of the shares
3. Plan to acquire 80% of the shares in three to five years
4. Plan to NSR brand
About SNR:
· Production portfolio:
Ball bearings, Tapered roller bearings, precision bearings,
clutch release bearings, Spherical roller bearings, cylindrical roller bearings and others.
· History
Started production of bearings in 1880
Established SRO (Schmid de Roost Oerlikon)
Renault purchased SRO and renamed it to SNR
· Production locations
5 (France), 1 (Brazil), 1(Romania), and 1 (Italy), 1 (research center in France)
· Sales office locations
2 (France), 3 (Germany), 1(Italy), 1(Morocco), 1(Argentina), 1(USA), 1(Japan)
· Number of employees
4,000 (SNR group)
· Customers
Renault, Automobile makers in USA and Europe and industrial companies
· Annual sales
780 million dollars in CDN funds in 2005, 850 million dollars planned for 2006
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