Minebea Co. (Japan, TSE: 6479) revealed plans to expand its presence in the aircraft and aerospace bearing market, targeting an aggressive 20% growth rate in 2006.
The company said it will invest approximately USD $9 million this year to bolster R&D and manufacturing capacity in the area, where it already has better than 50% world market share.
Minebea's two plants in Thailand will absorb high-precision manufacturing equipment being relocated from plants in Japan. Employment in Thailand then will triple to over 150.
The Japanese manufacturing facilities sending equipment to Thailand will be refitted with even newer, state-of-the-art machine tools and systems needed to produce high-end aircraft and aerospace parts.
Minebea's UK division, NMB-Minebea UK Ltd. -- formerly Rose Bearing -- will also see additional investment needed to raise its production capacity by at least 20%.
None of Minebea's U.S. aerospace bearing facilities were specifically mentioned in the announcements. However, it did say it was investing heavily in equipment needed to develop and produce components for the upcoming Boeing 787.
Minebea is an industrial manufacturing and distribution conglomerate, made up of 47 companies operating in two business units -- Machined Components and Electronic Devices and Components.
Bearing manufacturing and sales operations are contained in its Machined Components Business. The bearing manufacturing operations are Minebea Co. Ltd., New Hampshire Ball Bearings Inc., NMB-Minebea UK Ltd., NMB Singapore Ltd., Pelmec Industries Ltd., NMB Thai Ltd., Pelmec Thai Ltd., NMB Hi-Tech Bearings Ltd., and Minebea Electronics & Hi-Tech Components Ltd.
This is Minebea's second recent investment program targeting aircraft and aerospace bearings. In mid-2004, the company revealed its plans for 2004 and 2005.
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