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Social and
Environmental Report |
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News Release |
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News Release: 2002
| NSK Ltd. (“NSK”, President and CEO – Seiichi Asaka) announced today that the name of its American Group company, NASTECH Inc., has been changed. |
| NSK Ltd. (President – Seiichi Asaka) has announced the decision to establish a bearing pre-processing production company (lathed rings) in China as a means of reinforcing global procurement capabilities. |
| Effective October 1, 2002, NSK Ltd. will reorganize ("spin-off") its precision machinery business and steering column businesses into separate corporate entities within the NSK Group of companies |
| NSK Ltd. President Seiichi Asaka has announced the establishment of a holding company in China as a means of further expanding and developing NSK's business in China. The holding company will be established by the end of 2002 and the representative offices and any new projects will all become part of this holding company. |
| NSK Ltd. President Seiichi Asaka has announced the establishment of a steering product production company in China as part of its corporate strategy to further develop NSK's global steering product business. |
| NSK has succeeded in developing cylindrical roller bearings with highly functional standards of performance for the 21st century. These new bearings include cylindrical roller bearings with high-capacity pressed steel cages, and cylindrical roller bearings with high-capacity one-piece machined brass cages. NSK is marketing these products as the EW Series and the EM Series. |
| NSK Ltd. (President - Mr. Tetsuo Sekiya, "NSK") and NTN Corporation (President - Mr. Yasunobu Suzuki, "NTN") announced today that they have agreed to a comprehensive business tie-up of their respective large-size bearing businesses as part of their effort to improve competitiveness. The agreement will cover sales, production, and technology as well as parts procurement relating to the large-size bearing business. |
NSK Ltd. announced at its regular Board of Directors' meeting held on the 20th May 2002 that Mr. Tetsuo Sekiya will resign as President and Chief Executive Officer of NSK Ltd. to become its new Chairman.
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| NSK Ltd. has reached an agreement with The Timken Company (President & COO, James W. Griffith) to form a joint venture, building a plant near Shanghai, China to manufacture tapered roller bearings. |
| NSK Ltd. has signed a letter of intent with AB SKF, Sweden that will result in 75 percent of the shares in NSK Aerospace Europe Ltd. Stonehouse, UK, being transferred to SKF. The unit designs, manufacturers and sells mainshaft and gearbox bearings for jet engines and employs over 260 people. |
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