EBC will Invest in Stepnogorsky Bearing Plant

EBC will Invest in Stepnogorsky Bearing Plant In 2007 European Bearing Corp. (EBC) will invest above $6mln in the modernization and reconstruction of Stepnogorsky Bearing Plant (Kazakhstan), the company informed. The major portion of funds will be spent to develop more advanced bearings for the rolling stock. In 2006 the investment program reached $4mln. The Plant is working in the sector of the bearings production for the railways. $10mln were invested by now in the improvement of the quality and characteristics.EBC is going to prolong the development of this division and invest in this sector of the economy. In Moscow Bearing $6.7mln are to be invested this year. EBC involves Volzhsky Bearing Plant, Moscow Bearing, Moscow Aviation Bearing Plant, Aviation Bearing Plant (Samara), EBC research center. The Company covers 37% of the Russian market and a monopolist in this sector. The major holder (79%) is Orionbay Trading Corp., 19% are held by Parkwood United Corp. The 2005-revenues gained $250mln; net profit - $30.9mln. The 9-month net profit reached 775mln rub.; revenues - 5.7bn rub..