NRB Reports Fiscal Year 2004 Results

NRB Bearings Ltd. (India) reported operating results for its fiscal year ended March 31, 2004. Sales for the year were Rs 17.49 billion (USD $378.0 million), up 20% from 2003's Rs 14.55 billion ($314.6 million). Net profit was Rs 2.04 billion ($44.1 million), up 57% from Rs 1.30 billion ($28.1 million) in 2003. On the income side, VRS (Voluntary Retirement Scheme) compensation accounted for Rs 200 million. In October 2003, NRB raised its level of investment in bearing manufacturer SNL, now reported at Rs 1.16 billion in common and preferred shares of SNL. NRB has also loaned SNL as much as Rs. 1.25 billion. NRB, now with five facilities in India, was founded in 1965 as a joint venture with French needle bearing manufacturer Nadella. Nadella was later acquired by Torrington, and Torrington by Timken in early 2003 -- making NRB now a publicly-traded Indian subsidiary of Timken. NRB manufactures needle roller, thrust and cylindrical roller bearings; the majority of its output -- 85% -- goes to automobile and light truck manufacturers. Most of that production is exported to European customers such as Renault, but the company also sells to India's growing automaker population. NRB is also seeking type approval by GM, Volvo and others. In the Indian market, NRB sales include key positions in textile machinery bearings and rail bearings.