China: Northwest BearingCo.,Ltd(NXZ)Transferred share to INA/FAG

Recently,Northwest Bearing Group Co., Ltd (NXZ)signed treaty with INA/FAG, transferring the ownership of all share in Fuanjie Railway Bearing Co.,Ltd to INA/FAG. Thus Fuanjie Railway Bearing Co.,Ltd now has become cxclusive invetment corporation of INA/FAG. In Dec.2001, Northwest Bearing Group Co., Ltd and INA/FAG established joint venture- Fuanjie Railway Bearing Co.,Ltd. Since it was put into production,the company made great progress.In order to make it become railway bearing base of INA/FAG, two corporations hold many times consultations and reached agreement on share transferring. Based on the new treaty, Northwest Bearing Group Co., Ltd have priority in suppling parts to the cxclusive invetment corporation.