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Non-Tech : GNRL -- Ignore unavailable to you. Want to Upgrade?

To: Jay Hartzok who wrote (103)	9/30/1998 1:35:00 AM
From: Jay Hartzok	Respond to of 107

Tuesday September 29, 7:30 am Eastern Time Company Press Release SOURCE: General Bearing Corporation General Bearing Opens Third Joint Venture Manufacturing Operation in China New State-of-the-Art 100,000-Square-Foot Facility Already Producing Bearings for U.S. Automotive Industry WEST NYACK, N.Y., Sept. 29 /PRNewswire/ -- General Bearing Corporation (Nasdaq: GNRL - news) today announced the formal opening of its third joint venture facility to produce bearings in the Peoples Republic of China, the Ningbo General Bearing Co., Ltd., located in Ningbo. The Company said that this 100,000-square-foot facility has capacity for bearing production of approximately $30 million annually. Equipped with several new state-of-the-art manufacturing lines, the plant's primary mission will be to produce ball bearings and tapered roller bearings for the U.S. automotive industry. Having already achieved ISO9002 certification, the plant is scheduled for QS9000 registration in early 1999. General Bearing President David L. Gussack said, ''The opening of the Ningbo facility reflects the General Bearing commitment to high-quality manufacturing. This latest venture bolsters our position as an innovative, cost-effective bearing provider to the automotive industry and underscores the sourcing and manufacturing flexibility which continues to drive our growth and enhance our overall presence in niche markets.'' Mr. Gussack continued, ''Before the formal opening of the plant, we initiated production of bearings for Ford Motor Company [NYSE:F - news] and began partial shipments in June. At this point, full contract volumes are steadily streaming from the plant.'' Among the guests at the formal opening were purchasing, engineering and quality representatives from Ford Motor, the Company said. General Bearing has been producing bearings in China since 1987 when it led the world's bearing industry into the region with the establishment of its first joint venture, Shanghai General Bearing Company, Ltd. Today, General Bearing has three joint ventures producing various product lines and components in China as well as one joint venture in the United States. General Bearing manufactures, sources, assembles and distributes a variety of bearing components and products. The Company 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 (OEMs) 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: 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. SOURCE: General Bearing Corporation