General Bearing Venture Receives Ford Supplier Award
12 October 2000
General Bearing Venture Receives Ford Supplier Award
WEST NYACK, N.Y., Oct. 12 General Bearing Corporation
announced today that Ningbo General Bearing Company, Ltd.
(NGBC), a partnership between General Bearing Corporation of New York and
Ningbo Genda Co. of Ningbo, China, will achieve Q1 status from Ford Motor
Company and Visteon Automotive Systems on October 18, 2000.
The Ford Q1 award recognizes organizations that have sustained levels of
excellence in their systems and performance, resulting in high customer
satisfaction. It is Ford / Visteon's highest commendation to its suppliers.
Ford / Visteon uses the Q1 process to identify "preferred" sources for current
and future supply opportunities. While Q1 status has previously been awarded
to a Chinese Ford / Visteon related company, NGBC is the very first non-
related company in China to earn the honor, and one of only a handful of
bearing manufacturers in the world to do so.
A special award and presentation ceremony, complete with a Q1 flag
raising, will take place at NGBC's newly expanded plant on October 18, 2000.
Ningbo General will also celebrate a major expansion in plant capacity to
fulfill growing future needs. Guests from Ford / Visteon, representatives
from other major American, Japanese, and European manufacturers and several
high ranking Chinese dignitaries are scheduled to attend. Vice Minister Zhang
Xiaoyu of the State Bureau of Mechanical Industries, responsible for the
Chinese automotive industries, will attend, reflecting the importance of the
occasion.
Founded in 1996, NGBC has supplied in excess of 25 million bearings to
Ford/Visteon over the last three years, while accomplishing a zero parts per
million (PPM) defect rate -- true zero defect manufacturing. It is important
to note that Ningbo Genda, a partner in this joint venture, is a privately
owned company, not government owned or influenced, confirming China's movement
to free enterprise.
This endorsement is most suitably awarded on the eve of China's admission
to the World Trade Organization. This event indicates that the Chinese auto
parts producers are reaching capability to compete in world markets and to
supply the growing China automotive industry.
Ford / Visteon have invested substantial time, effort, and money to
establish a network of suppliers of automotive components to support Ford's
production in China when it commences. This event is another indication of
Ford / Visteon's commitment to develop a qualified auto parts industry in
China.
General Bearing manufactures ball bearings, tapered roller bearings,
spherical roller bearings and cylindrical roller bearings. Under "The
General" and the "Hyatt" trademarks, the Company supplies original equipment
manufacturers in the automobile, truck/trailer, railcar, office equipment,
machinery and appliance industries, as well as the industrial aftermarket.
"Safe Harbor" statement under the Private Securities Litigation Reform Act
of 1995: This press release contains forward looking statements that are
subject to risks and uncertainties, including, but not limited to, the impact
of competitive products, product demand and market acceptance risks, reliance
on key strategic alliances, fluctuations in operating results and other risks
detailed from time to time in the Company's filings with the Securities and
Exchange Commission. These risks could cause the Company's actual results for
the current fiscal year and beyond to differ materially from those expressed
in any forward looking statements made by, or on behalf of, the Company.