NEUMARKT, GERMANY – German manufacturer of engineered wood products, Pfleiderer AG, reported increased revenues of 31% during the first six months of 2007 to 1,220.95 billion USD from 935.85 million USD in the same period of 2006. The strong revenue growth is the result of sustained positive increase in business in Western Europe, along with higher revenues from the emerging Eastern European markets. Read more.
The outlook for the company across the Atlantic was less rosy, with Pfleiderer announcing it will close sites and cut 180 jobs in North America to reduce costs and integrate the laminate flooring business of Pergo, which it acquired in March 2007. The company said it has suffered from a weaker United States real estate market and shrinking consumer spending in the country and does not expect the United States real estate market to improve this year. Read more.
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