Tarkett full-year profit rose 43% on cost cuts

FRANKENTHAL, Germany -- Tarkett Sommer AG said profit rose 43% last year after the No. 1 maker of hardwood flooring closed some of its factories and slashed costs.

Net income rose to 15.1 million euros ($13.3 million) compared with 10.6 million euros in 1999, the company said in a faxed statement. Sales rose 6.7% to 1.4 billion euros.

Tarkett has been overhauling its business after earnings plunged about 80% in 1998 amid increased competition in Europe and lower demand in Russia. It expects further growth from cost reductions after closing factories in Ireland, the United States and Switzerland and selling a French unit.

The Frankenthal, Germany-based company sees sales rising at least 3% this year and expects earnings to increase “overproportionally,” it said.