PDF, 1.2 MB - Pfleiderer AG
PDF, 1.2 MB - Pfleiderer AG
PDF, 1.2 MB - Pfleiderer AG
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42 being focused: being better<br />
44.7<br />
61.1<br />
02 01<br />
Capital Expenditure, continued<br />
operations<br />
in million euros<br />
capital expenditure<br />
Capital expenditure by the <strong>Pfleiderer</strong> Group focuses on replacement spending to maintain<br />
plant, as well as on the construction of new production sites or the introduction of new<br />
products. An internal yield guideline lays down the conditions that apply to new capital expenditure,<br />
ensuring that adequate interest on capital is achieved. In 2002, the <strong>Pfleiderer</strong> Group<br />
had total capital expenditure of 44.7 million euros (2001: 61.1 million euros).<br />
Wood-Based Panels<br />
Capital expenditure by the Wood-Based Panels Business Center in 2002 came to 19 million<br />
euros. Apart from essential spending on replacements, smaller rationalization measures were<br />
carried out to maintain this segment’s cost leadership in the German market.<br />
At the Polish production site in Prospan, production of post-forming elements was<br />
started in December, rounding off the production portfolio. Apart from that, a new multi-format<br />
contact press for the surfacing of particleboard and MDF board was purchased in order to<br />
enable further growth of the business center in this profitable market segment.<br />
Infrastructure Technology<br />
Capital expenditure in the Infrastructure Technology Business Center came to around 18.0 million<br />
euros in 2002. Spending concentrated mainly on the construction of a new concrete mast<br />
plant in Barstow in California (around 7.4 million euros). Apart from that, production facilities<br />
for rail and points sleepers were extended at Travipos in Spain.<br />
Insulation Technology<br />
<strong>Pfleiderer</strong> invested a total of approx. 17.2 million euros in the insulation technology segment<br />
in 2002. Most of this was directed at expanding production capacity in Russia. In order to<br />
strengthen our market presence in Russia and eastern Europe, work started on the construction<br />
of a new plant in Serpuchov near Moscow in 2001. Construction of the factory will now<br />
be completed by its new owner, Uralita S.A. The insulation plant is expected to start operations<br />
in the first half of 2003.
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