Phoenix targets 8-percent growth despite slowdown

HAMBURG, Germany (Jan. 19)—Despite an expected slowdown in the automotive sector in 2001, Phoenix A.G. said its "prospects look good," predicting 8-percent growth in sales for the year and margins of 6 percent. In its preliminary results for 2000, Phoenix reported consolidated sales up 10.5 percent to $893 million, though earnings fell 5.4 percent. The company linked the decline to restructuring charges associated with its relocation of production from Germany to eastern Europe.