INA Holding (Germany) said sales in 2002 grew by 2% and should grow 2% again in 2003, despite what have become exceptionally difficult market conditions for the world's second-largest bearing manufacturer.
CEO Juergen Geissinger, in a speech to the German press agency, said 2002 sales were approximately € 6.9 billion (USD $7.5 billion), up 2% from 2001.
INA, privately held, does not normally disclose operating margins or other sensitive business information; Mr. Geissinger would only comment that 2002 was more difficult than 2001. He also indicated INA's planned capital expenditures are in the neighborhood of € 500 million.
Newly-acquired FAG Bearings contributed € 2.25 billion in 2002 sales, up 1.6% from its pre-acquisition 2001 sales. Existing INA business accounted for € 3.2 billion, up 2.5% over 2001. Other business operations, including LuK and Rege, brought in € 1.4 billion.
Mr. Geissinger said Europe currently accounts for 65% of INA's overall sales. However, the company is working on marketing and sales programs which target 2006-2007 for sales to be evenly divided between European and non-European markets.
Key markets going forward are North America as well as the Pacific Rim nations and especially China. INA currently has three manufacturing facilities in China and a fourth under construction.
That fourth Chinese facility is an addition to the existing FAG Automotive Bearings Shanghai operation which supplies Volkswagen wheel bearings. The addition is expected to be complete by early 2004. When the new capacity, for automotive wheel hub assembly units, comes online, Mr. Geissinger said INA will become China's largest manufacturer of wheel bearings.
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