Miba and Zollern joint venture for engine and industrial bearings
October 14, 2019
Austria’s Miba AG has launched a joint venture with Zollern GmbH & Co. KG, headquartered in Laucherthal, Germany, to develop and expand both companies range of engine and industrial bearings.
Miba will bring its five engine bearing plants to the partnership, which currently generates around 20% of Miba’s earnings, with Zollern adding two industrial bearing plants and one engine bearing plant.
The goal of the joint venture is said to combine the strengths of Miba and Zollern in the bearing business, and thereby better position them for global competition. For Miba, the step mainly serves to expand its industrial bearing business, which has grown from four to six production facilities in Germany, the United States and Brazil. The engine bearing segment will also have an additional plant in Germany.
By pooling their expertise in research and development, the companies also stated that they can make an important contribution to the development of new solutions in decarbonisation and renewable energy, through new bearing technologies for wind power turbines.
The joint venture is headed by Deputy CEO of Miba AG and CEO of the Miba Bearing Group, Dr Wolfgang Litzlbauer. Miba holds 74.9% of the joint venture, with the remaining 25.1% held by Zollern.
Miba’s existing four industrial bearing plants do not form part of the joint venture, and other business areas at Miba and Zollern will reportedly be unaffected.
