NSK Ltd. (NSK; Headquarters: Tokyo, Japan; President & CEO: Toshihiro Uchiyama) and Volkswagen AG (VW; Headquarters: Wolfsburg, Germany) have announced today a formal cooperation agreement between the two companies' steering divisions with the aim to further increase the power of innovation in steering. Both companies have agreed on in-depth development cooperation.

(from left) Thomas Schmall, Dr. Stefan Sommer, and Masatada Fumoto

Comment from Dr. Stefan Sommer, Board of Management of Volkswagen AG

The cooperation agreement with NSK as one of the world's leading manufacturers of steering systems is a meaningful step to strategically expand our international development and production and to further strengthen our innovative strength in the chassis business.

Comment from Thomas Schmall, CEO of Volkswagen Group Components

Volkswagen Group Components has been a steering specialist for many years. The in-depth development cooperation enables us to make intensive use of the know-how of both partners and thus to further advance future products.

Comment from EVP Masatada Fumoto, Head of NSK's Steering and Actuator Division Headquarters

The cooperation agreement with Volkswagen is strategically significant to further expand our product portfolio and global production. The two parties complement each other in many areas, and we will continue to strengthen our relationship as we drive for future innovation.

NSK started its journey manufacturing the first bearings in Japan in 1916, and has since developed into a global organization researching, designing, and manufacturing Motion & Control? solutions supporting essential mobility and industry applications.

NSK is currently the top supplier of bearings in Japan, and is the third largest supplier in the world by market share. We are also a world leader in electric power steering and ball screw manufacturing and technology.

Our responsive products and technologies, including a diverse range of solutions for precision machining, are used to enhance automotive performance and industrial productivity while reducing energy consumption to unprecedented low levels.

In the early 1960s we set our sights outside Japan, and to date, have established business sites across 30 countries.