US-based automotive bearings manufacturer Timken has entered into an agreement with United Wagon Company (UWC) to set up a joint venture (JV) to manufacture Timken AP-2 rail bearings in Russia.
The JV is subject to regulatory approvals and other commercial and customary conditions. It will equip UWC’s freight cars with Timken bearings.
Go deeper with GlobalData
Timken AP-2 rail bearings are cartridge tapered roller bearings and have the potential to carry heavy loads.
UWC CEO Roman Savushkin said: "The expertise Timken provides as a global leader in high-performance bearing design is critical to our strategy to deliver modern, high-quality freight cars to our customers in Russia and the Commonwealth of Independent States."
The companies will jointly establish a manufacturing capacity in the country, with work to begin within the next several months.
The JV forms a part of the existing relationship between the two companies, which was formalised in 2013 with a strategic partnership agreement including technical and design support and an initial supply of Timken AP-2 bearings to UWC.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataTimken off-highway and light vehicle systems vice-president Brian Ruel said: "The Russian and CIS rail markets present an incredible growth opportunity for Timken as the region is rapidly modernising its fleet to support its expanding economy."
Russia is also planning to acquire nearly one million new freight cars by 2030 as part of an aggressive investment programme to renew and upgrade its rolling stock.
