EBC Acquired 23.8% in Saratovsky Bearing Plant

EBC Acquired 23.8% in Saratovsky Bearing Plant European Bearing Corp. (EBC) acquired 23.8% in Saratovsky Bearing Plant, as it was informed. The merger of the latter into EBC structure together with other plants will permit the Plant to center the efforts on the increase in the competitiveness and investments. Besides, the merger of the plants is one more step in the competitive struggle with the foreign companies. The operating control is provided by EBC.The acquisition of stocks is aimed to consolidate the efforts of the Russian entities in the competition. European Bearing Corp. covers Moscow Bearing, Moscow Aviation Bearing Plant, Stepnogorsky Bearing Plant, Volzhsky Bearing Plant, Aviation Bearing Plant and research center and EBC Trade House. It has the 37% share on the Russian market and it is a monopolist in this sector. The major holder is Orionbay Trading Corp. (79%), 19% being held by Parkwood United Corp. The 2006-revenues gained 7.87bn rub.; pretax profit - 1.34bn rub.; the output rose to 26.5mln pcs; 435mln rub. were invested in the development of the production in 2006. Saratovsky Bearing Plant is one of the leading makers of bearings.