Waukesha Bearings (USA), a division of Dover Corporation (USA) reported third quarter 2002 earnings improved from second quarter -- but continued to trail last year's results.

The company said, "The full effects of the power generation market downturn are not expected to be seen by Waukesha until the fourth quarter."

Dover does not separately report Waukesha sales or earnings.

Founded in 1950, Waukesha is a leading manufacturer of bearings for a variety of rotating machinery applications, including turbomachinery, motors and generators, industrial, utility, naval and commercial marine industries. Products include tilting pad thrust and journal bearings, sleeve bearings and housings. It was acquired by Dover Corporation in 1977.

In August 2001, Waukesha acquired Federal-Mogul RPB, formerly known as Glacier Rotating Plant Bearings, from Federal-Mogul Corporation (USA).

The acquisition made Waukesha the world's largest supplier of hydrodynamic fluid film bearings for rotating machinery, and with the broadest product line.

Earlier in 2002, a bizarre incident in the RPB Glasgow (Scotland) plant resulted in six shop stewards being fired. They were found to have installed electronic eavesdropping equipment in factory office.