Schaeffler CEO Takes the Reins at World Bearing Association
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Schaeffler Group USA, Inc.
308 Springhall Farm Rd.
Fort Mill, SC, 29715
Press release date: October 26, 2009
Dr. Jürgen M. Geißinger, Schaeffler Group President and CEO, has been elected as president of the World Bearing Association (WBA) at the organisation's fourth annual meeting in Tokyo.
In September 2006, the WBA was established as an umbrella organisation for the American Bearing Manufacturers' Association (ABMA), the Japan Bearing Industrial Association (JBIA) and the European Bearing Manufacturers' Association (FEBMA). The WBA represents the leading global bearing suppliers, with combined sales of approximately 20 billion euros, or around 75 per cent of the rolling bearing market worldwide.
The WBA represents the interests of the bearing industry where initiatives of individual companies have proved to be insufficient. WBA objectives include the elimination of competition-distorting trade restraints, as well as the introduction of uniform environmental protection standards. Another important focus at present is the fight against product piracy and counterfeiting.
As Dr. Geißinger commented: "Counterfeiting earns large sums of money and causes immense economic damage." The bearing industry too is not immune to this and reports losses of several hundred million euros. But beyond this economic damage, counterfeit bearings are a considerable safety risk for consumers. The situation has deteriorated over the last few years, as the counterfeiters copy not only simple catalogue products, but also technologically demanding bearings that are, for example, used in aircraft engines or high-speed trains. "WBA will therefore further reinforce its initiatives - this means intensified information and clarification of facts for customers on the one hand and uncompromising prosecution of offenders on the other," said Dr. Geißinger.
Rolling bearings are amongst the most important components in plant and machinery. They are used wherever motion is required, whether in fans, drills, wind turbines, rockets or cars. With over 225,000 bearing products, delivered to some 40,000 customers from more than 60 different industrial sectors, the Schaeffler Group is the industry's No 2 worldwide. The company's portfolio includes standardised catalogue products, as well as customised solutions, replacement parts and services. Within that portfolio, sizes range from miniature bearings with diameters of just a few millimetres, used for example in dental drills, to large bearings with outside diameters of several metres that are required in wind turbine rotors.
For more information, please visit www.schaeffler.co.uk or telephone the marketing department on 0121 313 5870 or email email@example.com
With a total of 66,000 employees at over 180 locations around the globe and group sales of 8.9 billion euros (fiscal year 2008), the Schaeffler Group is one of the world's leading rolling bearing manufacturers and automotive component suppliers. The corporate group includes the INA Group with headquarters in Herzogenaurach, the FAG Group based in Schweinfurt as well as the LuK Group, with headquarters in Bühl.
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Schaeffler (UK) Ltd, Forge Lane Minworth Sutton Coldfield West Midlands B76 1AP Tel: 0121 351 3833 Fax: 0121 351 7686 e-mail: email@example.com www.schaeffler.co.uk