Kharkiv Bearing Spends USD 5 Mln On The Modernization Of Its Production Facilities.

This amount will be used to purchase turning equipment from Kyiv Machine-Tool Concern. This is part of Kharkiv Bearing’s 3.5 year, USD 20 mln modernization project for the production of railway bearings, started in 2003. The company has already modernized its forge lines and grinding equipment. The company is one of the largest producers of bearings in the CIS. More than 45% belongs to World Trading Bearing (UK), while 50.1% belongs to the Kharkiv-based Ukrainian Industrial Energy Company and affiliated firms. Kharkiv Bearing’s 1H05 net revenues decreased 3% to USD 28.1 mln, while net income decreased from USD 2.1 to a net loss of USD 0.1 mln.