Nippon Thompson Co. Ltd. (Japan) will build an IKO bearing manufacturing facility in Haiphong, Vietnam. While the company operates plants in a large number of countries, this is its first in Vietnam.

The USD $8 million factory, in the Nomura Industrial Zone, is expected to come online sometime in early 2007.

It will manufacture automotive axle shafts and automotive-sized ball bearings, reportedly targeting the growing number of automakers setting up manufacturing facilities in the region.

Founded in 1950, Nippon Thompson manufactures needle roller bearings, linear motion rolling guides, precision positioning tables, and machine parts, all under the IKO brand.

Haiphong, an inland port near Hanoi, is Vietnam's third-largest city and a center for the country's industrial, shipping, and fishing industries.

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