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Social and
Environmental Report |
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News Release |
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News Release
August 22,2002
NSK Ltd.
Public Relations Department
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Establishment of a holding company in China |
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.
| Details |
| Name |
NSK CHINA HOLDING Co., Ltd. |
| Location |
Shanghai |
| Capital |
US$ 30,000,000 |
| Capital Participation |
NSK Ltd. 100% |
At the present time, NSK has four representative offices (Shanghai, Beijing, Guangzhou, and Anshun), two production and sales company (Kunshan and Hongshan), and two sales offices (Shanghai and Hongkong). In addition, NSK has several new projects underway including the building of a third plant in Kunshan, the taper joint venture with The Timken Company, the establishment of a China procurement center and steering production facility. The establishment of this holding company will enable NSK to achieve diversified growth with the holding company simultaneously operating the representative offices, the sales and production companies and the sales companies in order to meet growing Chinese demand.
Purposes of the holding company:
- Provide the representative offices greater latitude to do business in China
- Control more efficiently the representative offices, sales and production companies and sales offices that are presently in China.
- Strengthen NSK's sales and procurement capabilities
- Allow NSK to recruit talented local employees
- Integrate the administrative, financial and accounting systems of the companies doing business in China.
As of the end of 2001, forty Japanese companies had established holding companies in China. However, NSK Ltd. will be the first bearing manufacturer to organize its business using this structure.
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