Accell Group expects 15-percent profit growth in 2008
Accell Group said it expects an increase of net profit from ordinary operations of approximately 15 percent for 2008 in comparison to 2007, based on sales up to and including October and the prospects for the last two months of the year. Earlier this year, an increase of approximately 10 percent was expected.
The sale of bicycles in the high-end part of the market and the sale of electrical bicycles in particular showed a sound development in the past months, it said.
Accell's fitness brand portfolio includes Accell Fitness Division, Bremshey and Tunturi.
It will announce annual results on Feb. 27, 2009.
Brunswick among biggest price gainers
Brunswick Corp. (NYSE: BC), parent of Life Fitness, Parabody and Hammer Strength, topped the list of Biggest Percentage Price Gainers among common stocks on the New York Stock Exchange at midday on Nov. 18.
It hit a high of $3.48, gaining $0.99, and closed at $2.97 on a volume of 4.1 million shares.
Hanesbrands to cut 400 jobs and close yarn plant
Hanesbrands (NYSE: HBI), parent of Champion Apparel, said it is cutting about 400 jobs and closing a yarn production plant to save money amidst a difficult economic climate.
The company said it is eliminating a total of 210 jobs from its supply chain management unit, and from corporate functions like customer management, finance, human resources, marketing and information technology. Hanesbrands also said it will close its yarn production plant in China Grove, N.C., by the end of the year, because demand for higher-end ring-spun yarn has decreased.
The company said it will cut 185 jobs with the plant closure. The job cuts and plant closing will lead to a charge of $14 million in the fourth quarter.
Of the 210 management and corporate jobs being pared, 155 will be based in Winston-Salem, and 35 will come from other U.S. locations. The remaining 20 will be from international sites. The company said it has about 48,600 employees worldwide.
--Compiled by Wendy Geister
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