Release time : 2015-06-15 10:20:09
NRB Bearings Ltd. said it will seek to move its focus beyond domestic automotive as the segment continues to decline, even in India.
Founded in 1965, NRB manufactures needle roller, thrust and cylindrical roller bearings.
Currently, NRB's bearing production is approximately 80% for automotive and light truck OEMs; only 20% targets industrial, textile, rail and replacement markets.
With industrial applications now driving the world market for bearings as the automotive market continues to slip, NRB will also shift its focus toward non-automotive. Meanwhile, the company is exploring more export market opportunities for its automotive bearing lineup.
Harshbeena Zaveri, NRB President, said: "We are looking at increasing automotive sales overseas and increasing industrial sales in India." He noted that industrial, rail, agricultural and textile markets also have traditionally offered wider operating margins than automotive.
Last year, NRB was named to the Forbes magazine list, "Asia's 200 Best Under a Billion." Forbes evaluated more than 22,500 publicly listed companies across 14 Asian and Pacific rim countries, assessing consistent performance, sales and profit growth over the past three years. From India, 16 companies made the list. Of those, NRB Bearings is one of only three involved in heavy manufacturing.