The local arm of tool and technology giant Bosch expanded its workforce by more than 50 percent and increased sales by 17.6 percent in fiscal year 2015, the company announced on Monday.
At a press conference, company officials reported the company closed its 2015 fiscal year with $50 million or 45 million euros in consolidated sales in the Philippines, compared with $42.5 million or 38.25 million euros recorded in FY 2014.
Over the course of the year, Bosch increased its workforce in the Philippines by more than 50 percent to 460 associates, partly due to the opening of its Drive and Control Business division in April 2015.
Bosch achieved strong double-digit growth for the second consecutive year due to strong performance across the company’s diverse portfolio of products offered in the country, particularly power tools, security systems, and the automotive aftermarket business.
“Along with our expansion efforts in the Philippines, I am confident that our strength in innovation will continue to drive our growth”, Andrew Powell, managing director of Bosch in the Philippines said during the press conference.
“It is a very exciting time to be in Southeast Asia right now, particularly with the Philippines contributing strongly to Bosch’s growth in the region,” Powell said.
In 2015, Bosch began the construction of its third business hub outside Metro Manila, the other two being in Cebu and Davao. Aimed to address the rapid development in the Mindanao region, the Cagayan de Oro business hub is scheduled to open in August 2016, and will provide showroom areas, training, sales, and after-sales support for Bosch products and solutions across every Bosch division that is present in the Philippines.
According to Powell, the new hub will be especially beneficial for Bosch’s Industrial
Technology business sector, as it will unlock opportunities to offer solutions in industrial applications. Cagayan de Oro has been referred to as an emerging city owing to its fast growth, and offers tremendous potential in the manufacturing sector with the proliferation of factories locating in and around the area. The Drive and Control business division, specializing in hydraulic technology and factory automation under the Rexroth brand, will help improve the production efficiency of industries such as biofuel and sugar milling, the company official said.
Bosch PH also said it is exploring other provincial areas such as Iloilo and Baguio to establish additional business hubs.
The Bosch Group expects worldwide sales to grow within an exchange rate-adjusted range of 3 percent to 5 percent in 2016, company officials said earlier.
In Asia Pacific, the Bosch Group boosted its sales in 2015 to a total of $21.3 billion or 19.2 billion euros, thus registering a nominal growth of 17 percent on a comparable basis or 2.8 percent after adjusting for exchange-rate effects. At 27 percent of total Bosch sales revenue, the region’s share of sales remained at the high level of the previous year, the company said.