TAIPEI, Taiwan (Aug. 22, 2002) - Federal Corp., enjoying strong overseas demand for its products, reported 19.4- and 18.3-percent growth in sales for the second quarter and first half, respectively.
In response to the rising demand, Federal is making “incremental investments” to expand capacity at its plants in Taiwan and China, President Jamie Ma said in a prepared statement.
Sales jumped to $25.7 million in the quarter and to $48.9 million in the half, prompting Richard Huang, vice president sales and marketing, to say, “Even in a global economic slowdown, we continue to exceed our sales goals…. This…proves that our effort in implementing new sales and marketing strategies has been a success….”
Sales of tires outside of Taiwan and China accounted for more than three-fourths of sales. Earnings were not disclosed.
In China, Federal has started volume production of Hero- and Maxon-brand tires at its new plant in Jiang-Xi.