On August 19, 2013, China Wafangdian Bearing Group Corporation (ZWZ) signed an equity transfer agreement in Frankfurt, Germany, with German BWK Investment Co. Ltd., the shareholder of KRW Leipzig GmbH.
“After the acquisition, KRW will under the management of ZWZ independently and locally. Through resource integration and technology renovation, KRW will be gradually built to be Europe’s manufacturing base for high-end industrial bearing equipment,” said Wang Lushun, chairman of the board, ZWZ.
“With ZWZ as its new shareholder, KRW will have more possibilities in future’s development. KRW will make a step forward as a quality bearing manufacturer,” said Götz Hanke, general manager, KRW.
KRW, Leipzig, Germany, with its full name as Kugel- and Rollenlagerwerk Leipzig GmbH, is a company with more than 100 years history. It provides products for railways, transportation, machinery and power industry worldwide. Earlier this April, ZWZ had signed a share acquisition agreement with BWK in Stuttgart.