On the same day, NTN Corporation and Nanjing Economic and Technological Development Zone signed the NTN Precision Bearing Project Investment Agreement at Nanjing Zijin Villa in Nanjing. NTN will establish Nanjing Entien Precision Electromechanical Co., Ltd. in the Nanjing Economic and Technological Development Zone to produce bearing products for wind power generation, special machines and rail transit vehicles.
"This is NTN's first large-scale bearing production base overseas," said Chairman of the NTN (China) Investment Corporation Chairman, Chairman Tetsuya Kondo. The project plans to invest a total of 1 billion US dollars, of which a phase of investment of 290 million US dollars, registered capital of 120 million U.S. dollars, is currently the largest investment in the Japanese-owned enterprises in Nanjing. The project is expected to be put into production in October 2012. After reaching production capacity, it can generate an annual output value of about 3 billion yuan and an annual tax revenue of 300 million yuan. It plans to achieve sales of 1.6 billion yuan in 2016.
Founded in 1918, Japan NTN Co., Ltd. is one of the world's leading manufacturers of precision machinery manufacturing, mainly engaged in the manufacture and sales of various bearings, constant velocity joints, precision machinery equipment and other products, is the world's third-ranked bearings The manufacturer, its production of wheel hub bearings accounted for the largest market share in the world, Constant Velocity Joint accounted for the second place in the world, and bearings accounted for the third place in the world. The companyâ€™s sales, production, and R&D networks spread throughout the world. 170 outlets in each country.
NTN has eight production bases and sales bases in China. It manufactures small-diameter bearings with diameters of several centimeters and is used in automobiles and small machinery and equipment. As large-size bearing manufacturing requires high-end manufacturing technology, NTN will send technical personnel from Japan to produce large bearings to a new plant in Nanjing for guidance. With the establishment of a new company that manufactures large-scale, super-large bearings, NTN has accelerated the development of China's domestic production, sales, and technology integration industry model.
Wang Quanqing, executive vice chairman of the China Bearing Industry Association, said that he is very pleased to see NTN establish a large bearing production base in China. The new factory and the Chinese bearing industry will form a cooperative and competitive relationship, which will promote the transformation and upgrading of China's bearing industry.
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