China’s Tri-Ring to buy Polish bearings maker, report

Automotive

Chinese automotive manufacturer Tri-Ring Group Corp will buy Polish bearings maker FLT Krasnik for some PLN 300 million ($93 million) in the largest investment yet by a Chinese firm in Poland, Reuters reported citing a person close to the deal. “The investment is a result of the political discussions during (Premier) Wen Jiabao’s visit last year,” the source said on Wednesday. Krasnik, which is 89% owned by state industry development agency ARP, employs 2,000 workers and has annual sales of some PLN 200 million. Tri-Ring manufactures special purpose and military vehicles and automotive components in China.

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