MGM Bearing Changes Owners, Adopts 'New' Name

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Jan 22,2008

MGM Bearing Changes Owners, Adopts 'New' Name Hungarian bearing manufacturer MGM has been acquired by Romanian bearing manufacturer, Rulmenti S.A. Barlad, and a consortium of Turkish-based investors. Rulmenti Barlad is a division of Kombassan Holding AS, based in Turkey. Kombassan purchased Rulmenti Barlad, a former state-run bearing factory, from the Romanian Privatization Administration in June 2000. Rulmenti Barlad shares are unlisted but trade on the Bucharest exchange. After this latest acquisition, the renamed "New MGM Manufacturer Private Limited Company," will be maintaining its office and plant in Diosd. But the new owners maintain MGM's history of unorthodox international ownership arrangements. Originally founded in 1950, MGM has been through a series of owners and directions through the years. A key development came in 1993 when the Hungarian government took the first steps toward privatizing MGM. In 1996, it was acquired by Korean manufacturing conglomerate DAEWOO and began operating as DAEWOO MGM. In 2003, the operations were acquired by another Korean conglomerate, Hanwha Machinery Co., and shortly renamed MGM Co. Ltd. New MGM is ISO 9001:2000 certified, and manufactures single-row and double-row ball bearings, along with tapered roller bearings. Ball bearings are offered in both ISO492 metric and ISO578 inch dimensions. Production capacity for single-row ball bearings is 40mm through 130mm ID, and 55mm through 90mm for double-row ball bearings. Capacity for TRBs is 29mm through 120mm ID. A variety of special finishes and dimensions are offered. Backed by a loan from Banca Comerciala Romania, Rulmenti Barlad paid approximately

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