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Firm sees mainland sales rise 40% in Q3
By Fu Chenghao |
November 5, 2009, Thursday
|
Print Edition
Print Edition
GERMANY'S Freudenberg Group said its China sales jumped nearly 40 percent in the third quarter, thanks to the Chinese government's stimulus package.
Sales on the Chinese mainland jumped 36.9 percent in the third quarter from a year earlier, after rising 14.4 percent in the second quarter and declining 4.1 percent in the first quarter, Hanno D. Wentzler, Freudenberg's regional representative in China, told a briefing on Tuesday in Shanghai.
"During the current economic situation, the growth in China has a stabilizing effect on our entire group," Wentzler said.
He noted that China's rapidly growing wind power industry has benefited its business in particular.
The company provides wear and tear-resistant rotary shaft seals, noise and vibration-control materials, and specialty lubricants to wind farms.
In a push to develop renewable energy, China's wind energy industry has powered ahead to tremendous growth over the past years. By the end of 2008, China's installed capacity doubled for the fourth year in a row.
However, the wind equipment manufacturing sector has expanded even more aggressively, with the Chinese government recently identifying the sector as having heavy excess capacity.
Asked how the overcapacity in equipment manufacturing would affect its business, Wentzler said: "Overcapacity could be a problem for a supplier. But as Freudenberg is close to customers, it can respond at the early stage to any adjustment."
The family owned firm manufactures seals, vibration control technology components and lubricants.
Sales on the Chinese mainland jumped 36.9 percent in the third quarter from a year earlier, after rising 14.4 percent in the second quarter and declining 4.1 percent in the first quarter, Hanno D. Wentzler, Freudenberg's regional representative in China, told a briefing on Tuesday in Shanghai.
"During the current economic situation, the growth in China has a stabilizing effect on our entire group," Wentzler said.
He noted that China's rapidly growing wind power industry has benefited its business in particular.
The company provides wear and tear-resistant rotary shaft seals, noise and vibration-control materials, and specialty lubricants to wind farms.
In a push to develop renewable energy, China's wind energy industry has powered ahead to tremendous growth over the past years. By the end of 2008, China's installed capacity doubled for the fourth year in a row.
However, the wind equipment manufacturing sector has expanded even more aggressively, with the Chinese government recently identifying the sector as having heavy excess capacity.
Asked how the overcapacity in equipment manufacturing would affect its business, Wentzler said: "Overcapacity could be a problem for a supplier. But as Freudenberg is close to customers, it can respond at the early stage to any adjustment."
The family owned firm manufactures seals, vibration control technology components and lubricants.
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