Ina Schaeffler no longer expects growth

Bearings manufacturer Ina Schaeffler has revised this year's budget, following a decline in orders in January and February, with the turnover expected to reach the 2008 level, of 244 million euros. The originally set target for 2009 accounted for a 50% turnover rise to 390 million euros, based on new production lines and on attracting new orders. "We originally expected this rise in 2009, but now realistic corrections lead us to expect the same level as in 2008. However, no one can devise scenarios for more than 2-3 months ahead," said Alexandru Blemovici, general manager of Ina Schaeffler Romania. In 2008, the company did not meet its target set at the beginning of the financial year, of 260 million euros, falling 6.2% short of it. "In the first ten months, we recorded above budget results, but November and December saw us fall 6.2% beyond our estimates," Blemovici added. During this time, the majority of automotive and industrial components producers have suffered major declines in orders, and most of them even had to discontinue production for 1-3 weeks and send employees on technical unemployment.