Freudenberg-NOK 2001 sales down 10% on lower vehicle output

WEINHEIM, Germany (May 28)—Freudenberg-NOK G.P. suffered a 10-percent drop in sales last year to $776 million, but increased operating earnings 1 percent as management pursued "extensive price recovery and cost reduction actions to preserve profitability," the company wrote in its recently released annual report. The sales drop matched the production decrease for the North American automotive industry, the company said. During the year, the work force was cut by about 10 percent to 5,153 at year-end as management adjusted capacity to meet lower production needs, Freudenberg said.