BUSINESS BYTES

Považské strojárne on EU right track

The engineering company Považské strojárne Inc., Považská Bystrica, earned 1.9 billion Sk ($63 million) in revenues during the first half of this year. According to the company's management, the firm is continuing to fulfill its goals for 1996 - 1998, namely to increase the company's value five percent above the industry's average annually, and to increase sales by 16 percent during the three-year period. By 2005, Považské strojárne intends to reach a ten percent profit margin - a level common in the engineering industry throughout the EU.

The company succeeded in its bid to supply presses for the Japanese company Mitsubishi. It is presently implementing a large energy savings project, which aims to save 30 percent of all energy the company consumes. The project, which should be finished by the end of November, could save Považské strojárne 100 million Sk ($3.3 million) annually.

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