Results from August $50,000 reward for counterfeit bearings indicate a huge decline in reported offences globally, and the seriousness of marketing manipulation by major bearing manufacturers.
The BICC research has concluded SKF and SCHAEFFLER jointly masterminded an elaborate scheme to gain a valuable marketing advantage by installing fear of Counterfeit Bearings. In 2007, SKF-SCHAEFFLER launched a massive global press release with the 'burning' of bearings and the 'so called' raid to 40 tons of counterfeit product worth more than 8 million Euro, found just around the corner from Schweinfurt, Germany by a no-named distributor with no-named directors and no-named legal proceedings.
The press release as shown below was captured by various newspapers industry magazines and circulated worldwide now appearing as a marketing tool by SKF and distributors in USA.
These bearings were not counterfeit, but unsoiled unused product setting off alarm bells to critical industries such as Aerospace and many other precision application corporations worldwide organisations, blaming countries eg. CHINA INDIA for this counterfeit activity.
Establishment of the Bearing Industry Code of Conduct primarily focused on eliminating improper conduct such as Counterfeit or Spurious Bearings and other illegal activity including 'Price Fixing Cartels'. SKF SCHAEFFLER who control a major share of the bearing industry has maintained that illegal operations were solely confined to ASIA, however its now discovered such covert operations were initiated and conducted in GERMANY and SWEDEN.