General Bearing Names CFO
7 August 1998
General Bearing Names CFO; Barry A. Morris to Enhance Company's Financial AdministrationWEST NYACK, N.Y., Aug. 7 -- General Bearing Corporation , a leading manufacturer and distributor of industrial bearings, today announced the appointment of Barry A. Morris, a financial executive with experience at a major automotive component manufacturer, to the position of Chief Financial Officer. The Company said Morris will oversee General Bearing's reporting, financial control, treasury functions and participate in evaluating acquisition candidates. Prior to this appointment, Mr. Morris spent eight years serving in several finance-related positions at the U.S. headquarters of BTR plc., a UK manufacturer (Sales of $12 billion in 1997) of automotive components. According to General Bearing President David L. Gussack, "As General Bearing continues to expand its reach and product offerings, we welcome Mr. Morris' assistance in the execution of our financial control and reporting systems." As previously announced, General Bearing initiated shipments in May under its $14 million agreement with Ford Motor Company and expects to ship $3 million of product to Ford by year end. In its continuing penetration of the transportation industry, the Company signed an agreement with Great Dane Trailers, the second largest producer in the truck trailer industry, which calls for shipments of more than $3 million of wheel bearings annually. General Bearing manufactures, sources, assembles and distributes bearing components and products. The company manufactures ball bearings, tapered roller bearings, spherical roller bearings and cylindrical roller bearings. The products are marketed under the Hyatt and The General trademarks. The company's two divisions supply more than 200 Original Equipment Manufacturers (OEMs) in the automobile, railcar, office equipment, machinery and appliance industries, and about 2,000 bearing distributors. "Safe Harbor" statement under the Private Securities litigation Reform Act of 1995: Except for historical information, the matters discussed in this news release that may be considered forward-looking statements may be subject to certain risks and uncertainties that could cause the actual results to differ materially from those projected, including uncertainties in the market, pricing competition, procurement, and manufacturing efficiencies, and other risks detailed from time to time in the Company's SEC reports. The Company assumes no obligation to update the information in this release.