EBC Acquisition of Samara Aviation Bearing Plant Approved

EBC Acquisition of Samara Aviation Bearing Plant Approved European Bearing Corp. (Russian Federation) has received approval from the Federal Antimonopoly Service (FAS) to complete its acquisition of Samara Aviation Bearings Plant. The acquisition began in 2005, with EBC moving to buy 79.48% of the Aviation Bearings unit. However, the acquisition cannot be officially completed or resolved until approved by the FAS. Andrei Tatanov, EBC's President, said: "The plant in Samara is a most promising enterprise of the Russian bearings industry and we see considerable potential in there, particularly in view of the latest decisions of the Russian Federation government and President to revive the national aerospace industry. FAS endorsement has come to be one of the cornerstones of strengthening the EBC bearings market position." The Aviation Bearings Plant was set up in 1996, and had been known as GPZ-4 4th State Bearing Plant. Founded in 2000, European Bearing Corp. has four other plants acquired in the same privatization move: Moscow's legendary GPZ-1 (former Bearing Plant #1), another plant in Moscow dedicated to aircraft bearings, the former VPZ-15 bearing plant in Volzhsky, and the former SPZ-16 16th State Ball Bearing Plant in Stepnogorsk, Kazakhstan. EBC is the largest Russian bearing manufacturer, with 37% of the overall market. Its primary strengths derive from guaranteed, closed market sales -- including a 95% market share of Russia's railroad bearings and 98% of Russia's high-precision aerospace bearings.