Dr. Jürgen M. Geißinger, Schaeffler Group President and CEO, has been elected as president of the World Bearing Association (WBA) at the organisation’s fourth annual meeting in Tokyo.
In September 2006, the WBA was established as an umbrella organisation for the American Bearing Manufacturers’ Association (ABMA), the Japan Bearing Industrial Association (JBIA) and the European Bearing Manufacturers’ Association (FEBMA). The WBA represents the leading global bearing suppliers, with combined sales of approximately 20 billion euros, or around 75 per cent of the rolling bearing market worldwide.
The WBA represents the interests of the bearing industry where initiatives of individual companies have proved to be insufficient. WBA objectives include the elimination of competition-distorting trade restraints, as well as the introduction of uniform environmental protection standards. Another important focus at present is the fight against product piracy and counterfeiting.
As Dr. Geißinger commented: “Counterfeiting earns large sums of money and causes immense economic damage.” The bearing industry too is not immune to this and reports losses of several hundred million euros. But beyond this economic damage, counterfeit bearings are a considerable safety risk for consumers. The situation has deteriorated over the last few years, as the counterfeiters copy not only simple catalogue products, but also technologically demanding bearings that are, for example, used in aircraft engines or high-speed trains. “WBA will therefore further reinforce its initiatives – this means intensified information and clarification of facts for customers on the one hand and uncompromising prosecution of offenders on the other,” said Dr. Geißinger.