Contact us

Company Name:
Lishui Huanqiu Bearing Trading Co., Ltd.

Company Address:
No.11 Shiting Road, Shuige Industrial Zone,Lishui, Zhejiang,China
Contact Person: William

Email: admin@tradebearings.com
Homepage: www.asiabearings.com
Bearing B2B: www.tradebearings.com

email

 

Home > News >

General Bearing Abandons Sell-off Plan

General Bearing Corp. (USA, Pink Sheets: GNRL.PK) announced its board is no longer exploring or seeking strategic alternatives for the company and/or its multinational operations.

In August 2005, General Bearing said it would be, "...exploring strategic alternatives to create liquidity for its shareholders."

At the time, CEO David Gussack said: "In pursuit of our continuing goal of creating value for the shareholders, General Bearing is taking steps to identify strategic options including a possible sale or merger."

Founded in 1958 by Seymour Gussack, the company went public via a 1977 IPO. A year ago, in March 2005, citing the high costs of Sarbanes-Oxley compliance, General Bearing filed to deregister its stock from the NASDAQ and settled in the Pink Sheets.

About the latest decision, President and CEO David Gussack said: "We extensively explored a number of alternatives with our investment bankers, and did not identify a viable current option which would be in the best interest of the company and all its shareholders."

General Bearing recently posted results for 2005, continuing a string of exceptionally strong financial results and indicating the business is on a prolonged sales and profitability uptrend.

Many analysts agree manufacturing companies in General Bearing's size and growth situation often have a difficult time achieving proper market valuation.

General Bearing had been using New York - based investment bankers Jefferies & Co. as advisors. Jefferies has also been an underwriter in the IPO and follow-on offerings of RBC Bearings Inc.

Other News:
General Bearing Abandons Sell-off Plan
NN to Hold First Quarter 2006 Conference Call
Bearing Maker Records Another Successful Year
Federal-Mogul Closing St. Johns Plant
LVDT Position Sensors Have Spring-loaded Shaft(Pic)
Portable Instrument Evaluates Ball And Roller Bearings
Timken Declares Quarterly Dividend
New Medium Induction Heater From SKF: TIH 100m(Pic)