Finnveden Fastener Sales Grow

Jason Sandefur

Fastener sales for Finnveden Group rose 8% to SEK 1.15 billion (US$162.24 million) during 2003, while operating income jumped to SEK 16.1 million compared with a loss of SEK 4.7 million during 2002. The Swedish engineering firm said the results were attributable to �volume increases and a changed product mix.� Finnveden laid off 35 fastener workers in 2003 under a restructuring program.

Overall, Finnveden reported 2003 sales improved 4% to SEK 4.63 billion, and operating income gained SEK 187 million compared with a loss of SEK 91 million during 2002. Web: finnveden.se �2004 FastenerNews.com