Amatsuji Posts Strong First Quarter

Amatsuji Steel Ball Manufacturing Co. Ltd. (Japan) reported first quarter 2003 sales, along with a forecast for doubling sales in the next year. Amatsuji is one of the world's largest bearing ball manufacturers, under the AKS brand. Amatsuji is 20.5% owned by NSK Ltd., Japan's largest bearing manufacturer. NSK accounts for 44% of AKS sales. Sales for first quarter ended June 30 were ¥4.5 billion (USD $37.9 million), up 5.1% from ¥4.3 billion ($36.2 million) for the same period in 2002. In the current third quarter, Amatsuji forecasts sales of ¥4.7 billion ($39.5 million), or ¥9.3 billion ($77.4 million) for the first half of fiscal 2003. Looking ahead, the company said its long-term forecast is for sales more than doubling, from 2003's ¥9.3 billion to more than ¥18.3 billion ($154 million) in the first half of 2004 (April through September). Amatsuji is building a new bearing ball factory in Poland, outside Zarow, in an industrial park designated to draw investment from Japanese companies. The $11.5 million plant is scheduled to come online sometime in late 2003. Its initial capacity is 70 million balls per month, or 840 million balls per year.