Owners of the new company, GB Bearings, include Themba Ngcobo, Sikhumbuzo Mkhize, with previous Federal-Mogul employees, Greg Piggott and Les Holmes.
An employee share trust has been created for the 100 staff members who have all moved with the new company.
“We are very excited about the new company and the staff are highly motivated,” said Greg Piggott, MD of GB Bearings.
“At heart we are still Glacier Bearings, however as Large Bearings was non core for Federal-Mogul there has been no investment over the past few years. On the bearing repair side we can increase market share, with our plans to upgrade our repair facilities and train existing and additional staff so that we can offer a quicker turnaround to our clients.”
GB Bearings sells manufactures and repairs a variety of industrial bearings and bushes up to 5500 mm in diameter and has factories in Durban, Johannesburg and Cape Town.
The Durban factory is to move to new premises before the end of the year.
Piggot said that all staff members have been with the company since it was part of the T&N group, they will now have the advantage of being part of the employee share trust, which owns 10% of the new company. There will also be an incentive bonus scheme and full skills training plan to enhance productivity and further improve customer service and quality.
“There are existing plans to grow this business and both Themba Ngcobo and Sikhumbuzo Mkhize will play an active role in the new company,” concluded Piggott.