INA Holding Schaeffler KG (Herzogenaurach, Germany) is assuming its business will see zero growth in 2002.

Dr. Jurgen Geissinger, INA's CEO, told the Financial Times last week, "If in 2002, we see zero sales growth, we will have done a good job." Citing weakness in their customers' businesses around the world, he said, "I haven't heard much positive news."

INA has also abandoned plans to add 1,000 production workers in 2002, which would have come from its successful acquisition of FAG Kugelfischer.

In September, INA initiated a hostile takeover bid for FAG, ultimately amassing 90% of FAG's outstanding shares by early October. The combined company will have sales of € 6.4 billion and employ 52,000 people around the world.

The merger makes privately-held INA into the world's second-largest bearing manufacturer, behind Sweden's SKF.

Final approval for the merger is being held up by the U.S. International Trade Commission.