November 22, 2008

Baosteel set up an industrial service JV with SKF

It is reported that SKF Industrial Services Ltd, the joint venture company of Baosteel and Swedish SKF was put into production recently. Officials from both sides attended the ribbon cutting ceremony.

SKF Group is the world’s most competitive enterprise for bearing supply and service, which had built cooperation relationship since the 1980s. The two sides signed no stock agreement in 1997 and built strategic cooperation relationship in 2005. For further cooperation, Baojian Company of Baosteel signed agreement with SKF on the construction of joint venture for bearing repair.

SKF located in Baoshan Industrial Park with a registered capital of CNY 15 million of which Baojian and SKF has 34% and 66% of its shares respectively. The company mainly deals with business of cycle repair, comprehensive rebuilding of high performance bearing, bearing for various hosts and products of precision technology, whose production will further extend the life of Baosteel bearings, reduce the repairing costs and stabilize the operation of equipment.