NSK  Ltd. (NSK; Headquarters: Tokyo, Japan; President and CEO: Akitoshi Ichii) today announced that the Company has decided to sell its European production subsidiary Neuweg to individual investor Mr. Stephen Lord, its Plant Manager Mr. Willi Castro and its Finance Director Mr. Dominik Szell. The sale is expected to be completed in the first half of 2024. NSK does not expect any significant effects from this sale on its business performance.

1.  Reason for sale.

Neuweg became a member of the NSK Group when the Company acquired UPI in 1990. Since then Neuweg has continued to produce double-row ball bearings under its brand/design. Due to the limited synergy with our existing business, we have been negotiating the sale of the company as part of our Europe structural reorganization and have now reached an agreement.

2. Subsidiary to be sold (Neuweg)

Company Name     Neuweg Fertigung GmbH                                      

Head Office    Ehinger Strasse 5, D-89597 Munderkingen, Germany    

 Representative                                                    Directors Dr. Ulrich Nass, Mr. Michio Komaba                                        

Business    Bearing manufacturing    

Capital    8.9 million Euro    

Established    July 2, 1954    

About Mr. Stephen Lord. 

Consultant and individual investor

Principal partner and management consultant at Dow Schofield Watts

As an individual investor, currently managing more than 10 projects, including power generation, machinery and robotics