Daido Metal to Acquire Russia's Top Bearing Maker

Daido Metal to Acquire Russia's Top Bearing Maker Japanese bearing maker Daido Metal Corp. <7245> said Friday it will acquire Russia's top maker of automobile engine bearings, ZMZ-Bearings, for about 20 million dollars in early September. By purchasing the Russian firm, which also makes aluminum bimetal, raw material of bearings, Daido Metal aims to boost its annual sales in Europe to 10 billion yen.Daido Metal hopes to build a sound footing in Russia whose economy is booming.