Sweden

Sten Thunberg's leadership has been the major factor in Finnveden's turnaround to profitability.

A few years ago, Swedish component-supplier Finnveden seemed to be headed for closure. Caught in a slump in the automotive, electronics and telecom industries, the company faced doubts about its long-term survival.

Lower profit spreads and fluctuating demand raised the odds against the company. Fortunately for Finnveden, relief came soon - not in the form of bailout dollars, but in focused leadership provided by the current president, Sten Thunberg.

Setting a new strategic corporate plan, Thunberg streamlined operations and shifted focus to growth, both from production and geographical standpoints. Currently supplying OEM companies such as Volvo, Scania and Ericsson, Finnveden put fresh emphasis on profitability.

By redirecting the firm's activities to three major areas -- fasteners, powertrain components and sheet-metal components - Thunberg set up a company structure for maximum success within its product niches.

As a result of Thunberg's clear vision, Finnveden's performance has improved drastically. Sales rose from 500 million Swedish krona ($47.18 million) in 1990 to 1.2 billion krona ($113.23 million) in 1998.

Sales for 2001 are forecast to hit at least 4 billion krona ($377.45 million).

Meanwhile, Thunberg insists that Finnveden will continue plans to globalize. "Through growing larger and globalizing our reach, we become more attractive as a partner for our customers," he pointed out.

The company has also stirred interest outside corporate Sweden through a string of carefully considered acquisitions, a broadened customer base and a continuous push toward internationalization.

Finnveden's success Thunberg attributes to its consolidated operations. "We have built up large and strong operations, which our customers praise. As a result, we have landed many large new orders and secured confirmation that what we accomplished has been exactly right."

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