Phoenix expects better earnings in '02

HAMBURG, Germany (April 16)—Phoenix A.G. expects the effects of restructuring measures instituted the past two years and lower raw materials prices to result in improved earnings this year, the company told shareholders recently. High raw materials prices last year ate into profits, leaving pretax earnings of $23 million 25 percent below the 2000 level. Also costs related to the restructuring, interest expenses and higher taxes left the net result $6.2 million in the red. Sales for the year were up 16.8 percent to $1.01 billion as business was up in all segments.