FAG Kugelfischer Georg Schafer AG (Schweinfurt, Germany) reported first quarter 2002 sales edged up 1.7% from 2001, to € 573 million (USD $517.6 million). "In spite of continuing unfavorable economic conditions," certain ball and roller bearing segments of the business reported first quarter sales were up over 4%.

Profits for first quarter 2002 were, "significantly short of the one reached in the excellent first quarter of 2001." FAG did not yet report specific profit numbers.

Although sales were up slightly, first quarter also saw incoming orders drop by 5% from 2001. Similarly, the order backlog fell In the first quarter; FAG's order backlog also slipped, dropping 9% to € 880 million ($794.7 million).

FAG also gave a few details about the ongoing takeover by INA Holding, saying, "Cooperation between FAG and the INA Group started at the beginning of this year. A joint steering committee was set up for the purpose of managing and coordinating the integration of FAG and INA. This committee has meanwhile selected various projects from a large number of project ideas that are currently being processed by teams with members from both companies. The initial principal goal is to reach mutual transparency about products, markets, technologies, technical processes and business structures.