SNR Sets Up Aerospace Bearing Center in China

SNR Roulements (France, the bearing manufacturing division of Renault SAS; PSE: RNO) announced it is setting up an aircraft and aerospace bearing production, repair and reconditioning center in China's Zhuhai Free Trade Zone. This is SNR's third such center worldwide -- joining France and the United States -- and will initially focus on bearings for the General Electric CFM56 jet engine, the best-selling and most widely used jet engine. SNR is often considered an aerospace bearing specialist for its key role in the French aerospace industry beside SNFA. But the majority of SNR production is actually destined for automotive OEMs in the form of wheel bearing hub assembly units and similar products. The move into China is seen as an early, positive impact of NTN's decision to invest in and eventually take over SNR. NTN has recently taken a 35% ownership stake in SNR, following its gradual takeover strategy revealed this past July 2006.