Fuchs Petrolub AG reported 4.2 percent sales growth in 2001, despite what it described as a downturn in the global lubricants market, especially in North America and Western Europe.
The Mannheim, Germany, company said net income was down from 2000 due to exceptional items and higher interest costs, but it did not include income details in its March 27 press release about 2001 performance.
The company described 2001 as a very challenging year for the lubes industry as a whole, estimating that sales worldwidefell 1.9 percent. Markets in North America and Western Europe shrank 7.4 percent and 3.9 percent, respectively.
Fuchs own sales grew from Euro 902 million (U.S. $794 million) to Euro 940 (U.S. $827 million). The company said it enjoyed internal growth of 3.7 percent. Acquisitions contributed a 1.4 percent increase in sales, while currency transactions lowered revenue by 0.9 percent.
One of the worlds largest lubricant producers, Fuchs said that Europe and the Americas continue to be its most profitable markets and that it had above-average sales growth in Central and Eastern Europe and the Pacific Rim.
Fuchs bought out three partners at the end of 2001. It purchased DEAs 50 percent stake in the former German joint venture, Fuchs DEA Schmierstoffe, which now operates under the name Fuchs Europe Schmierstoffe. It also acquired sole ownership of partnerships in Russia and Mexico.
Officials predicted the acquisitions will help boost sales nearly 13 percent to Euro 1.06 billion in 2002, and said that consolidated net income should increase, too. January and February 2002 sales were 16 percent higher than a year earlier.