Brochure - The Freedonia Group
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Brochure - The Freedonia Group
CLICK TO VIEW INDUSTRY MARKET RESEARCH FOR BUSINESS LEADERS, STRATEGISTS, DECISION MAKERS Table of Contents 2 List of Tables & Charts 3 Study Overview 4 Sample Text, Table & Chart 5 Sample Profile, Table & Forecast 6 Order Form & Corporate Use License 7 About Freedonia, Custom Research, Related Studies, 8 Agricultural Equipment in China Industry Study with Forecasts for 2015 & 2020 Study #2880 | March 2012 | $5400 | 205 pages The Freedonia Group 767 Beta Drive www.freedoniagroup.com Cleveland, OH • 44143-2326 • USA Toll Free US Tel: 800.927.5900 or +1 440.684.9600 Fax: +1 440.646.0484 E-mail: [email protected] Study #2880 March 2012 $5400 205 Pages Agricultural Equipment in China Industry Study with Forecasts for 2015 & 2020 Table of Contents Executive Summary Market EnvironmenT General..............................................4 Economic Overview...............................5 Recent Economic Performance.............6 Economic Outlook.............................8 Demographic Overview........................ 11 Population..................................... 11 Rural Population............................. 14 Currency Exchange Rates..................... 16 Industrialization/Manufacturing Trends 18 Arable Land Outlook........................... 21 Agricultural Land Usage...................... 25 Labor Force Productivity in Agriculture.. 26 Agriculture Sector Outlook................... 29 Agricultural Output.......................... 31 Agricultural Value Added.................. 33 The Twelfth Five Year Plan................... 35 Foreign Trade.................................... 40 OVERVIEW Supply & Demand............................... 38 Pricing Trends................................... 40 Policies, Regulation & Standards.......... 42 Agricultural Machinery Co-Operatives.... 47 Product Development & Technology...... 48 International Environment................... 50 World Outlook................................. 51 Foreign Trade................................. 52 PRODUCTS General............................................ 55 Farm Tractors.................................... 58 Small Farm Tractors......................... 61 Large Farm Tractors......................... 64 Harvesting Machinery......................... 66 Combine Harvesters......................... 69 Other Harvesting Machinery.............. 71 Plowing & Cultivating Machinery.......... 73 Plowing Machinery.......................... 75 Cultivating Machinery...................... 77 Planting & Fertilizing Machinery........... 79 Planting Machinery.......................... 81 Fertilizing Machinery....................... 83 Other Agricultural Equipment............... 85 Seed Processing Machines................ 86 Irrigation Equipment....................... 88 Haying Machinery............................ 89 Sprayers........................................ 91 All Other........................................ 92 Parts & Attachments........................... 93 REGIONAL TRENDS General............................................ 95 Regional Demographic/Economic Trends97 Population Patterns......................... 98 Economic Outlook........................... 99 Regional Manufacturing Value Added Outlook............................... 100 Regional Agricultural Outlook............. 102 Regional Sown Land......................... 104 Regional Agricultural Equipment Demand........................ 106 Central-North............................... 108 Overview................................... 108 Agricultural Equipment Demand.... 110 Northeast.................................... 112 Overview................................... 112 Agricultural Equipment Demand.... 115 Central-East................................. 116 Overview................................... 116 Agricultural Equipment Demand.... 118 Central-South............................... 120 Overview................................... 120 Agricultural Equipment Demand.... 122 Southwest.................................... 124 Overview................................... 124 Agricultural Equipment Demand.... 126 Northwest.................................... 128 Overview................................... 128 Agricultural Equipment Demand.... 130 INDUSTRY STRUCTURE General.......................................... 133 Industry Composition....................... 134 Market Share................................... 137 Product Development & Manufacturing139 Marketing & Distribution................... 140 Financial Issues & Requirements......... 142 Mergers & Acquisitions...................... 144 Cooperative Agreements.................... 144 Foreign Participation in the Chinese Market......................... 146 Click here to purchase online Page Legal & Regulatory Issues.............. 147 Joint Ventures.............................. 149 Wholly Owned Foreign Enterprises.... 151 Representative Offices................... 152 Company Profiles Anhui Changjiang Agricultural Machinery..................................... 154 Changfa Group................................. 155 Changzhou Dongfeng Agricultural Machinery Group.............................. 157 China National Machinery Industry...... 158 Chinese Academy of Agricultural Mechanization Sciences.................. 161 Chishan Group................................. 163 Chongqing Hesheng Industry............. 164 Deere & Company............................. 166 Fiat Industrial................................. 168 Foton Lovol International Heavy Industries............................ 170 Guangxi Qinzhou Lishun Machinery..... 172 Jiangsu Jianghuai Engine.................. 173 Jiangsu Lianyungang Huaxuan Machinery..................................... 174 Kubota Corporation.......................... 176 Liuzhou Wuling Motors...................... 177 Luoyang Sida Agricultural Machinery... 179 Mahindra Yueda Yancheng Tractor....... 180 Nantong FLW Agricultural Equipment... 182 Nonghaha Group.............................. 183 Shandong Changlin Machinery............ 184 Shandong Dafeng Machinery.............. 186 Shandong Huaxing Group.................. 187 Shandong Jinyi Machinery Manufacture.................................. 188 Shandong Juming Group................... 189 Shandong Shifeng Group................... 190 Shandong Wuzheng Group................. 192 Shijiazhuang Agricultural Machinery.... 194 Tong Yang Moolsan........................... 195 WORLD Group.................................. 197 Xi’an Yaao Agricultural Machinery....... 199 Yanmar Company.............................. 200 Zhejiang Sanlian Combine Manufacturing............................... 202 Zhejiang Sifang Group....................... 203 Zhengzhou Sanzhong Harvesting Industrial...................... 205 Order now, click here! Study #2880 March 2012 $5400 205 Pages Agricultural Equipment in China Industry Study with Forecasts for 2015 & 2020 List of Tables Executive Summary 1 Summary Table...............................3 Market EnvironmenT 1 Gross Domestic Product of China..... 11 2 Population of China...................... 13 3 Rural Population in China by Region........................ 15 4 Chinese Currency Exchange Rates, 2000-2010...................... 17 5 Manufacturing Value Added in China......................... 21 6 Arable Land Trends in China, 2000-2010...................... 24 7 Agricultural Land Usage by Crop..... 26 8 Labor Force Productivity in Agriculture in China................... 29 9 Selected Agricultural Product Output in China........................ 33 10 Agricultural Value Added in China... 35 OVERVIEW 1 Agricultural Equipment Supply & Demand in China.................... 40 2 Selected Agricultural Equipment Pricing in China........................ 42 3 World Agricultural Equipment Demand by Region..................... 52 4 Chinese Foreign Trade in Agricultural Equipment............... 54 PRODUCTS 1 Agricultural Equipment Demand in China by Type....................... 57 2 Farm Tractor Demand in China........ 61 3 Small Farm Tractor Supply & Demand in China.................... 64 4 Large Farm Tractor Supply & Demand in China.................... 66 5 Harvesting Machinery Demand in China....................... 68 6 Combine Harvester Supply & Demand in China.................... 71 7 Other Harvesting Machinery Supply & Demand in China.................... 73 8 Plowing & Cultivating Machinery Demand in China....................... 75 9 Plowing Machinery Supply & Demand in China.................... 77 10 Cultivating Machinery Supply & Demand in China.................... 79 11 Planting & Fertilizing Machinery Demand in China....................... 81 12 Planting Machinery Supply & Demand in China.................... 83 13 Fertilizing Machinery Supply & Demand in China.................... 84 14 Other Agricultural Equipment Demand in China....................... 86 15 Seed Processing Machinery Supply & Demand in China.................... 87 16 Irrigation Equipment Supply & Demand in China.................... 89 17 Haying Machine Supply & Demand in China.................... 90 18 Sprayer Supply & Demand in China.. 91 19 All Other Agricultural Machinery Supply & Demand in China.......... 92 20 Agricultural Equipment Parts & Attachments Supply & Demand in China....................... 94 REGIONAL TRENDS 1 Population of China by Region....... 99 2 Gross Domestic Product of China by Region.................. 100 3 Manufacturing Value Added in China by Region.................. 102 4 Agricultural Value Added in China by Region.................. 104 5 Gross Sown Area in China by Region...................... 105 6 Agricultural Equipment Demand in China by Region.................. 107 7 Central-North Region of China: Agricultural Equipment Demand112 8 Northeast Region of China: Agricultural Equipment Demand116 9 Central-East Region of China: Agricultural Equipment Demand120 Click here to purchase online Page 10 Central-South Region of China: Agricultural Equipment Demand124 11 Southwest Region of China: Agricultural Equipment Demand128 12 Northwest Region of China: Agricultural Equipment Demand132 INDUSTRY STRUCTURE 1 Revenue Data: Selected Agricultural Equipment Companies, 2010..... 136 2 Selected Cooperative Agreements.. 146 List of Charts MARKET ENVIRONMENT 1 Population of China by Age, 2000-2020.................... 14 2 Chinese Currency Exchange Rates, 2000-2010...................... 18 PRODUCTS 1 Agricultural Equipment Demand in China by Type, 2010............... 58 REGIONAL TRENDS 1 Agricultural Equipment Demand in China by Region, 2010......... 108 2 Central-North Region of China...... 110 3 Northeast Region of China........... 114 4 Central-East Region of China........ 118 5 Central-South Region of China...... 122 6 Southwest Region of China.......... 126 7 Northwest Region of China.......... 130 INDUSTRY STRUCTURE 1 Agricultural Equipment Market Share in China by Company, 2010................... 137 Order now, click here! Study #2880 March 2012 $5400 205 Pages Agricultural Equipment in China Industry Study with Forecasts for 2015 & 2020 Demand will benefit from favorable government policies, Improved access to equipment through agricultural machinery co-operatives, and healthy growth in agricultural activity. Demand to register doubledigit growth through 2015 Demand for agricultural equipment in China reached ¥135 billion in 2010, accounting for 18 percent of the world market. Demand is projected to grow 10.8 percent annually to ¥225 billion in 2015. Growth will be supported by favorable government policies, improved access to equipment through agricultural machinery co-operatives, and healthy expansion of agricultural activity. Agricultural Equipment Demand in China, 2015 (225 billion yuan) Harvesting Machinery 26% Plowing/Cultivating Machinery 9% Planting/Fertilizing Machinery 7% Other Agricultural Machinery 12% Planting, fertilizing equipment to post fastest gains Tractors are the most significant type of agricultural equipment in China, accounting for 30 percent of total demand in 2010. Large, high powered tractors have greatly benefited from the Chinese government’s subsidy policies and will continue to see strong growth over the forecast period. However, small tractors, because they are more affordable and practical for the average farming household, will continue to account for an increasing share of demand. The high price of harvesting machinery units has largely been responsible for it having the lowest penetration rate of all agricultural equipment, though the segment will register above average growth through 2015, driven by increases in farmers’ incomes. Planting and fertilizing equipment will register the most rapid gains as Chinese farmers continue to adopt a wider range of farming equipment. Parts/Attachments 18% Shipments of agricultural equipment are projected to rise 12.2 percent annually to ¥258 billion in 2015. China’s trade surplus will expand to ¥33 billion, primarily due to improvements in the quality and technology of domestic products, as well as low tariffs on exports. Northeast region to exhibit most rapid demand growth While all six regions in China will post strong demand growth through 2015, the terrain, climate, and economic condition of each region will play a significant role in relative growth. The core agricultural regions of the Central-North, CentralEast and Central South, which together Click here to purchase online Page Farm Tractors 28% accounted for 74 percent of agricultural equipment demand in 2010, will continue to benefit from higher income levels and better developed infrastructure. Although it is one of the smaller regional markets for agricultural equipment, the Northeast will continue to exhibit the fastest growth in demand through 2015. Part of the reason is that the Northeast -- while representing just over eight percent of China’s total land area -- has nearly 20 percent of sown land. More importantly, the Northeast has one-third of national plain areas. Because many areas of the Northeast are flat, farms have sizable expanses of level land, making the application of large agricultural equipment practical. Copyright 2012 The Freedonia Group, Inc. Order now, click here! Study #2880 March 2012 $5400 205 Pages Agricultural Equipment in China Industry Study with Forecasts for 2015 & 2020 Sample Text, Table & Chart TABLE IV-1 AGRICULTURAL EQUIPMENT DEMAND IN CHINA BY TYPE (million yuan) Item 2000 2005 2010 2015 2020 Gross Domestic Product (bil ¥) 9880184953980070750119000 % agricultural value added 14.7 12.1 10.2 7.8 6.3 products Agricultural Value Added (bil ¥) 1453 2243 4050 5500 7550 ¥ ag equip/000¥ ag value added 21.6 23.4 33.2 40.9 47.0 Combine Harvesters The combine harvester is a machine used to harvest grain crops Agricultural Equipment Demand3145052520134550225000355000 such as wheat, oats, barley, corn, rye and rice. The machine com- Farm Tractors1320021100399006400098200 bines the processes of reaping, threshing and winnowing -- which had Harvesting Machinery 4915 9650338505840096400 traditionally been performed separately -- together into a single process, Plowing & Cultivating Machinery 2575 4680126002080032400 leaving the stems and leaves on the field to be chopped and spread asPlanting & Fertilizing Machinery 1710 2770 80501550024100 nutrients or baled for livestock feed. Other Agricultural Equipment 4110 6430163002650040800 Parts & Attachments 4940 7890238503980063100 Combine harvesting machines are the most expensive type of agricultural equipment in China with the average unit price close to + net exports 120 2190107503300067000 ¥133,000 in 2010. Due to their high price, they are also the least Agricultural purEquipment Shipments3157054710145300258000422000 chased type of agricultural equipment in the country in terms of volume. Demand for combine harvesters in 2010 was 190,000 units, triple the number in 2005. Demand is expected to grow 7.7 percent annually to 275,000 units in 2015. Measured by value, demand in 2010 was ¥25.2 billion and will increase to ¥43.8 billion in 2015. The principal reason for the fast growth between 2005 and 2010 was the financial incentive provided by the government subsidy program. However, the subsidy has to some extent encouraged farmers to make purchases that they would otherwise have waited on; as a result, and when also taking into account the long lifespan of these products, future demand growth will be somewhat restrained. sample table sample text Combine harvesters, especially large models, are predominantly purchased by large farms and agricultural equipment co-operatives. Co-operatives will then lease the equipment to farmers or use the equipment themselves on farmland they have leased. The wheat combine harvester market is relatively mature. As a result growth will not be as substantial as that for rice or corn combine harvesters. A trend that emerged during the 2005 to 2010 period is farmers favoring wheat combine harvesters, which have a larger feed volume. 69 Copyright 2012 The Freedonia Group, Inc. O th e rs 8 1 .3 % Click here to purchase online Page CHART VI-1 AGRICULTURAL EQUIPMENT MARKET SHARE IN CHINA BY COMPANY, 2010 (135 billion yuan) sample chart M a rke t L e a d e rs 1 8 .7 % 7.0% C h in a N at l M ach 4.3% F o to n L o v o l 3.0% D eere 1.9% K u b o ta 1.5% 1.0% S h an d o n g S h if e W O R L D G rp Order now, click here! Study #2880 March 2012 $5400 205 Pages Agricultural Equipment in China Industry Study with Forecasts for 2015 & 2020 Sample Profile, Table & Forecast CHART V-1 AGRICULTURAL EQUIPMENT DEMAND IN CHINA BY REGION (135 billion yuan) Heilongjiang NORTHEAST 10% Jilin Inner Mongolia (Neimenggu) NORTHWEST 6% Liaoning Xinjiang CENTRAL NORTH 19% Ningxia Beijing Beijing Tianjin Hebei Shanxi Shandong Qinghai Gansu Tibet (Xizang) COMPANY PROFILES SOUTHWEST 10% Foton Lovol International Heavy Industries Company Limited No. 192, Beihai South Road Weifang, Shandong 261206 China 86-536-763-8885 http://www.fotonlovol.com Henan sample chart Jiangsu Shaanxi Anhui Sichuan Hubei Chongqing Guizhou Yunnan Hunan Shanghai Shanghai Zhejiang CENTRAL EAST 29% Fujian Jiangxi CENTRAL Guangxi SOUTH Guangdong 27% Hainan sample profile Sales: ¥14.2 billion [US$2.1 billion] (2010, as reported by company) Employment: approximately 10,000 (2010, verified by company, 7/11) Key Products: tractors, combine harvesters and rice transplanters International Contact: Mr. Hao Wang, Regional Manager Foton Lovol International Heavy Industries, or Foton Lovol Heavy Industries, manufactures and sells construction machinery, agricultural equipment, motorcycles and electric bicycles. The Company is a state-controlled enterprise. Foton Lovol had domestic agricultural equipment sales of ¥5.8 billion in 2010, making it the second largest supplier of agricultural equipment to the Chinese market, with 4.3 percent of the total. The Company participates in the Chinese agricultural equipment industry through the manufacture of tractors, combine harvesters and rice transplanters. In 2010, agricultural equipment represented ¥6.4 billion [US$945 million] of Foton Lovol’s total sales. Tractors from the Company comprise LOVOL EUROPARD medium- and large-sized types; TS, D and F series compact varieties; and models sold via the TE, TH, TB, TA, TD, TF, TG and TN series. Among the features available with these tractors are large ground clearance, three hitching heights, wet disc brakes and driver’s cabins. In February 2010, Foton Lovol expanded its tractor line with the introduction of the LOVOL EUROPARD TQ1904 type, 170 Copyright 2012 The Freedonia Group, Inc. Click here to purchase online Page “Agricultural equipment demand in the Central-South was ¥35.8 billion in 2010, the second largest regional market in the country. Demand for agricultural equipment in the Central-South is projected to grow 11.0 percent annually to ¥60.3 billion in 2015. The regional economy experienced healthy growth between 2000 and 2010, strongly supported by the development of agricultural mechanization. Further growth in the region will predominantly be driven by ...” --Section V, pg. 122 Order now, click here! Order Information INDUSTRY MARKET RESEARCH FOR BUSINESS LEADERS, STRATEGISTS, DECISION MAKERS Five Convenient Ways to Order ONLINE: www.freedoniagroup.com MAIL: Print out and complete the order form and send to The Freedonia Group (see address at the bottom of this form) PHONE: Call toll free, 800.927.5900 (US) or +1 440.684.9600 FAX: +1 440.646.0484 (US) EMAIL: [email protected] Free Handling & Shipping Credit Card Orders Orders Outside of the US Save 15% There is NO charge for handling or UPS shipping in the US. Expect delivery in 3 to 5 business days. Outside the US, Freedonia provides free airmail service. Express delivery is available at cost. Checks must be made payable in US funds, drawn against a US bank and mailed directly to The Freedonia Group. For wire transfers please contact our customer service department at info@ freedoniagroup.com. Credit cards accepted. For convenience, Freedonia accepts American Express, MasterCard or Visa. Credit card purchases must include account number, expiration date and authorized signature. If you order three (3) different titles at the same time, you can receive a 15% discount. If your order is accompanied by a check or wire transfer, you may take a 5% cash discount (discounts do not apply to Corporate Use Licenses). Corporate Use License Now every decision maker in your organization can act on the key intelligence found in all Freedonia studies. For an additional $2600, companies receive unlimited use of an electronic version (PDF) of the study. Place it on your intranet, e-mail it to coworkers around the world, or print it as many times as you like, Order Form F-WEB.2880 Agricultural Equipment in China............................ $5400 Corporate Use License (add to study price) * +$2600 Additional Print Copies @ $600 each * Name Title Company Division Total (including selected option) $ Enclosed is my check (5% discount) drawn on a US bank and payable to The Freedonia Group, Inc., in US funds (Ohio residents add 7.75% sales tax) Street Bill my company City/State/Zip American Express MasterCard Click here to learn more about the Corporate Use License Visa MM (No PO Box please) YY Country Credit Card # Expiration Date Phone Fax Email Signature * Please check appropriate option and sign below to order an electronic version of the study. Individual Use License Agreement The above captioned study may be stored on the company’s intranet or shared directory, available to company employees. Copies of the study may be made, but the undersigned represents that distribution of the study will be limited to employees of the company. The undersigned hereby represents that the above captioned study will be used by only ___ individual(s) who are employees of the company and that the study will not be loaded on a network for multiple users. In the event that usage of the study changes, the Company will promptly notify Freedonia of such change and will pay to Freedonia the appropriate fee based on Freedonia’s standard fee schedule then in effect. Note: Entire company corporate use license, add $2600; one additional user, add $600; two additional users, add $1200; three additional users, add $1800. Signature Signature Corporate Use License Agreement The Freedonia Group, Inc. 767 Beta Drive • Cleveland, OH • 44143-2326 • USA • Web site: www.freedoniagroup.com Tel US: 800.927.5900 or +1 440.684.9600 • Fax: +1 440.646.0484 • e-mail: [email protected] Page 7 INDUSTRY MARKET RESEARCH FOR BUSINESS LEADERS, STRATEGISTS, DECISION MAKERS Other Studies World Mining Equipment The world market for mining equipment is projected to climb 8.5 percent annually through 2015 to $92 billion. The Asia/Pacific region will remain the fastest growing market. Metals and coal mining will lead gains by application. Mining drills and breakers will pace demand among product segments. This study analyzes the $61 billion world mining equipment industry, with forecasts for 2015 and 2020 by application, product, world region and for 31 countries. The study also evaluates company market share and profiles industry competitors. #2840.................January 2012.................. $6200 World Construction Machinery World demand for construction machinery is projected to expand 6.5 percent annually through 2015. Over half of all additional demand will come from the Asia/Pacific region, although the rate of growth will slow from the pace of the 2005-2010 period. Cranes, loaders and excavators will expand at above-average rates. This study analyzes the $125 billion world construction machinery industry, with forecasts for 2015 and 2020 by product, world region and for 36 countries. The study also evaluates company market share and profiles industry players. #2776................. August 2011................... $6100 World Fertilizers World demand for fertilizers is projected to increase 3.8 percent per year through 2014. The Asia/Pacific region will continue to control the largest portion of global fertilizer demand and post above-average gains. Single-nutrient fertilizers will remain the dominant product while multi-nutrient and organic types grow the fastest. This study analyzes the 345 million metric ton world fertilizer industry, with forecasts for 2014 and 2019 by type, market, world region and for 30 countries. The study also evaluates company market share and profiles industry participants. #2726...................April 2011.................... $5900 World Aquaculture: Feed, Equipment & Chemicals About The Freedonia Group The Freedonia Group, Inc., is a leading international industry market research company that provides its clients with information and analysis needed to make informed strategic decisions for their businesses. Studies help clients identify business opportunities, develop strategies, make investment decisions and evaluate opportunities and threats. Freedonia research is designed to deliver unbiased views and reliable outlooks to assist clients in making the right decisions. Freedonia capitalizes on the resources of its proprietary in-house research team of experienced economists, professional analysts, industry researchers and editorial groups. Freedonia covers a diverse group of industries throughout the United States, the emerging China market, and other world markets. Industries analyzed by Freedonia include: • Chemicals • Plastics • Life Sciences • Packaging • Building Materials • Security & Electronics • Industrial Components & Equipment • Automotive & Transportation Equipment • Household Goods • Energy/Power Equipment Click here to learn more about Freedonia Freedonia Custom Research Freedonia Custom Research delivers the same high quality, thorough and unbiased assessment of an industry or market as an industry study. Since the research initiative is based upon a company’s specific needs, companies harness Freedonia’s research capabilities and resources to answer unique questions. When you leverage the results of a Freedonia Custom Research engagement, you are able to obtain important answers to specific questions and issues associated with: mergers and acquisitions, new product launches/development, geographic expansion, entry into new markets, strategic business planning, and investment and funding decisions. Freedonia Custom Research is ideal for companies seeking to make a strategic difference in the status quo and focus on future business growth. Working side by side with clients, Freedonia’s team is able to define a research project that is customtailored to answer specific questions and provide the basis from which a company can make informed business decisions. Global demand for aquaculture supplies and equipment will grow 11.6 percent annually through 2014. The Asia/Pacific region will continue to dominate both production and consumption. Aquafeed will remain the largest product segment and be the fastest growing. This study analyzes the world aquaculture supplies and equipment industry, with forecasts for 2014 and 2019 by product, species, world region and for 15 countries. It also evaluates company market share and profiles industry participants. Click here to learn more about Custom Research #2680.................October 2010.................. $5800 World Agricultural Equipment Global demand for agricultural equipment will rise 4.5 percent per year through 2014, paced by the accelerating mechanization of the farm sectors in developing countries. Replacement demand will define the industrialized world, led by “precision agriculture” equipment that use GPS and wireless sensors. This study analyzes the $99.2 billion world agricultural equipment industry, with forecasts for 2014 and 2019 by type, world region and for 26 countries. It also evaluates company market share and profiles industry participants. #2666................. August 2010................... $5900 Page 8 Click here for complete title list Click here to visit freedoniagroup.com The Freedonia Group, Inc. 767 Beta Drive • Cleveland, OH • 44143-2326 • USA • Web site: www.freedoniagroup.com Tel US: 800.927.5900 or +1 440.684.9600 • Fax: +1 440.646.0484 • e-mail: [email protected]