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Kinex engineering profits double

ENGINEERING company Kinex Bytča has reported preliminary net profits of Sk50.2 million for 2001, nearly twice the Sk26.6 million reported for 2000.

Sales increased by 44 per cent year-on-year to Sk2.1 billion in 2001. Exports accounted for 89 per cent of output at a value of Sk1.5 billion. Most of the firm's exports go to the EU, North America, China and Hong Kong. This year the firm plans to increase exports to nearly Sk1.9 billion.

Kinex increased its workforce last year to 1,812, up from 1,304 in 2000. An additional 88 jobs should be created this year, bringing the total to 1,900.

Kinex produces bearings for textile machines, water pumps and internal combustion engines. Kinex is an exclusive supplier for John Deere and also sells to Fiat and Mack.

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