Ground-breaking Ceremony for New Company, NTN-LYC (Luoyang) Bearing Corporation in China

Resource from: NTN Likes:3074

Apr 22,2011

On April 16, NTN Corporation (hereafter, NTN) held a ground-breaking ceremony in Luoyang City, Henan Province, China, to start the construction of a new manufacturing and sales company “NTN-LYC (Luoyang) Bearing Corporation (hereafter, NTN-LYC)” in China. A large number of guests, such as Mr. Chen the Vice Governor of Henan Province and Mr. Guo the Mayor of Luoyang City of China, and other administrative officials were invited to the ground-breaking ceremony, and a magnificent ceremony was held with more than 300 people in attendance, including President Chen of Luoyang LYC Bearing Co., Ltd., President Chen of the Henan Coal and Chemical Industry Group Co., Ltd., and Chairman Suzuki and Director Takagi of NTN. During the ceremony, we prayed for safe construction and a smooth start up of the new company, and the Luoyang City Mayor gave a congratulatory message, “Our city will provide the best environment, and cooperate in the industrial development to the best of our ability”.

NTN-LYC manufactures and sells 2nd and 3rd generation hub bearings and needle bearings, and aims for further expansion of sales in the automobile market in China where production is expanding, by providing optimal quality and a high value added service. NTN-LYC plans to start production from June 2012.

Outline of New Company: (1) Company name: NTN-LYC (LUOYANG) BEARING CORPORATION (2) Line of business: Manufacturing and sales of 2nd and 3rd generation hub bearings and needle bearings (3) Capital: US$ 73.8 million (4) Ownership: NTN: 50%; Luoyang LYC: 50% * Applicable for NTN consolidation (5) Location: Luolong Science and Technology Industrial Park, Luoyang City, Henan Province, China (6) Established: January 24, 2011 (7) Start of mass production: June 2012 (planned) (8) Total lot area: Approx. 142,000 m2 (9) Total floor area: Approx. 61,000 m2 (10) Sales plan: Target of approximately 7 to 8 billion yen in FY2015 (11) Employees: Approx. 600 (2015) NTN Bases in China:

(NTN)

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