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Dubai, 9th of January 2016
FOR IMMEDIATE RELEASE
ILJIN, the leading global wheel bearing manufacturer, signed a Memorandum of Understanding (MOU) with Mineral Circles Bearings (MCB) to strengthen the partnership established in 2012.
The agreement was signed by Yoon Joo Lee, ILJIN Global’s Executive Director, and MCB’s Managing Director, Safaa Alwan, at the latter part of 2015. The MOU focused mainly on the new tapered roller bearing range and business cooperation strategies for Middle East and Africa (MEA) for year 2016.
Mrs. Lee stated that both companies make a good synergy by benefitting from each other’s strengths -- ILJIN to gain more brand power in MEA which is MCB’s territory of expertise and MCB to expand its premium product portfolio through ILJIN’s top of the line tapered roller bearings (TRB) that are commonly used in automotive and machineries (construction, mining, and agricultural).
Hassanein Alwan, MCB’s Marketing Director said, “Our relationship with ILJIN is more than a distributorship level. We are their strongest partner in the region. This MOU is a blueprint for us to deepen our commitment on commercial investments and trade links.”
The breakthrough agreement enabled both companies to advance on their product and market diversification efforts despite global risks that affect major and emerging economies. Alwan stated, “New opportunities arise during difficult times. While everyone is on a wait-and-see mode, we introduce the ILJIN TRB range due to a foreseen increase in demand in countries such as Egypt, Libya, Iraq, KSA, and Syria. Since ILJIN is the original equipment manufacturer (OEM) for South Korean and American made vehicles, we are confident on the success of this venture as these car makers are preferred in the region.”
Mrs. Lee reported that MEA is currently the 2nd biggest market for South Korean vehicles, an all-time high, making their products vital for the growth of automotive aftermarket sales, the region’s current focal point of business. She added that MCB’s strategic location in Dubai, one of the leading export hubs worldwide, is vital to the success of the cooperation.
To fast track the terms of the agreement, MCB is now accepting local distributors. Hassanein Alwan says, “With our improved relationship with ILJIN, our customers can expect better service, competitive pricing, and stock availability.”
With ILJIN’s innovative product and MCB’s powerhouse market base combined, this MOU is a force to recon with in Middle East and Africa’s highly competitive automotive aftermarket industry.
Established in South Korea in 1978, ILJIN is a leading global wheel bearing expert and an OEM supplier to many of the world’s largest car manufacturers. Apart from wheel bearings, it also specializes in automobile component business serving the needs of the aftermarket industry.
Yoon Joo Lee holds the following key positions in ILJIN founded by her father, Sang Il Lee, who is also the company’s CEO/Chairman.
- Executive Director ILJIN GLOBAL
- Sales Group/Executive Director ILJIN BEARING ART
- Tianjin ILJIN President
MINERAL CIRCLES BEARINGS (MCB)
Mineral Circles Bearings is the first company in UAE to specialize in automotive bearings. For more than 30 years, it has established itself as a leading supplier and manufacturer of automotive and industrial bearings with eight premium brands under its portfolio. MCB’s vast geographic reach serves its customers in over 50 countries with eight branches worldwide.
To maintain its position in the industry, MCB lives up to its mission of “keeping the industry in motion by supplying quality bearings at competitive prices to ensure customer satisfaction.”
FOR MORE INFORMATION, PLEASE CONTACT:
Mineral Circles Bearings
Jebel Ali Free Zone South, Dubai, UAE
Tel: +971 4 886 5100
Fax: +971 4 886 5123
Mobile: +971 55 223 9195