Bosch celebrates another successful fiscal year, closing its 2014 books with doubled growth. The company specializes in power tools and automotive parts, but also lists mining as one of its core businesses in the country.
Bosch, a leading global supplier of technology and services, closed its 2014 fiscal year with USD 42.5 million in consolidated sales in the Philippines. Compared to the year before, the company achieved a double-digit growth of more than 45 percent, making the Philippines the fastest growing market for Bosch in Southeast Asia. The strong growth is based on the successful performance of the company’s power tools and automotive businesses, along with significant contributions from its security systems business which formally established local operations in 2014. As of April 2015, Bosch had increased its workforce in the Philippines to nearly 400 associates.
“As we celebrate the 20th anniversary of our office in Manila, Bosch remains strongly committed to the Philippine market through continued product and service diversification, employment growth, compelling social and sustainability programs, trainings, and partnerships,” said Andrew Powell, managing director of Bosch in the Philippines. “For 2015, we expect further sales growth in the country based on an increased demand for our innovative products ‘invented for life’,” Powell added.
Recognized as the Philippines’ most competitive city and dubbed by the United Nations as one of nine ‘Emerging Cities of Tomorrow’, Cagayan de Oro is earmarked as the third Bosch business hub location outside of Metro Manila, set to open before the end of the year. The up-and-coming city provides easy access to a large concentration of markets in Northern Mindanao, including mining and energy. In 2013, Bosch expanded its operations into Visayas and Mindanao with the opening of its Cebu and Davao business hubs respectively.
Bosch Group business outlook for 2015
The Bosch Group expects global sales to grow within an exchange rate-adjusted range of 3 to 5 percent in 2015. Speaking at the company’s recent annual press conference in Germany, the Bosch CEO Volkmar Denner said: “Our economic and technological strength in established business fields is enabling us to tap into new market segments.” Web-enabled products and internet-based services are one of the focal points of the company’s future business. “We are driving connectivity forward in all our business sectors and playing an active role in shaping it,” Denner added. In 2014, Bosch launched many new products and connected solutions, including software solutions for smart heating systems and buildings as well as for connected industry and connected mobility. With the complete acquisitions of BSH Hausgeräte GmbH and Robert Bosch Automotive Steering GmbH, Bosch has strengthened its position in the fields of smart homes and automated driving.