* Global auto production to stagnate in 2013 - CEO
* Targets disproportionate growth in 2013 results - CEO
* Bottom of European slump not yet in sight - CEO
By Hendrik Sackmann
DETTINGEN/ERMS, Germany, Feb 6 German automotive
supplier ElringKlinger has targeted continuing sales
growth this year in defiance of what its chief executive
described as the "catastrophic" European car market.
CEO Stefan Wolf sees little prospect of an end to the
European slump any time soon, but says that ElringKlinger should
achieve a 5 percent increase in sales this year thanks to
growing demand in other markets.
European auto sales hit a 17-year low last year as tight
household budgets and rising unemployment deterred customers
from making purchases.
"No one in southern Europe currently thinks about repairing
his vehicle or making a purchase," Wolf told Reuters.
Global auto production will stagnate, he said, as continuing
declines in Europe are offset by booming demand in North America
and Asia. The bottom of the European slump has not yet been
reached, he added.
ElringKlinger, which increased sales by 5.8 percent to 279.8
million euros ($378.5 million) in the third quarter of 2012,
expects full-year revenue to be at the lower end of its 5-7
percent forecast when results are published on Mar. 28.
The company is also targeting disproportionate growth in
2013 earnings before interest and tax, Wolf said, without being
($1 = 0.7392 euros)
(Writing by Andreas Cremer.; Editing by David Goodman)