Schaeffler cuts revenue target on weak industrial demand

Newswire

NEUSS, Germany, Aug 28 (Reuters) - German ball bearing and clutch maker Schaeffler lowered its full-year revenue target after first-half growth stalled amid a sharp drop in demand at its industrial division. The company, which competes with Swedish bearings maker SKF , said that it expects 2013 revenue growth of 1-2 percent, citing a fall in revenue from the industrial sector, the sluggish recovery of the global economy and weak economic momentum in China. It ...

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