Bosch expands its presence in Korea

Bosch expands its presence in Korea

The FINANCIAL -- The Bosch Group last week celebrated the completion of its new headquarters and expansion of its Technical Center in Yongin, Gyeonggi with government officials, customers, other business partners and associates. Franz Fehrenbach, chairman of the board of management of the Bosch Group, attended the inauguration ceremony and participated in the tape cutting, which wrapped around the headquarters and Technical Center buildings.

 

Together with the guests, some 300 associates of the headquarters jointly cut the tape at the same time as a token of close cooperation and partnership. "This new home for Bosch in Korea is a clear symbol of the successful development of our activities in Korea", said Franz Fehrenbach, during the inauguration ceremony.

 

The new 10-story building was originally planned with only five stories and now offers more than 25 000 square meters with space for up to 500 associates. "This improved capacity encompasses our bundled strengths in sales, application and services and at the same time provides room for further growth", said Krister Mellvé, President of Robert Bosch Korea Mechanics and Electronics Ltd. The Technical Center with its state of the art automotive testing and application facilities will be the strong backbone of the application work of more than 100 engineers in research and development. "This is a real asset to support our customers in the Korean Automotive Industry", Mellvé added.

 

The investment of 21.7 billion Won (some 18 million euros) in the new headquarters and Technical Center is a part of the Bosch Group's commitment to the Korean market and its customers. Since 2000, the Bosch Group has invested more than 370 billion Won (some 300 million euros) in Korea. Besides the new headquarters, Bosch has also invested in state of the art manufacturing capacities and technical equipment.

 

Korea is an important country within the Bosch Group's Asia-Pacific strategy. Bosch products have been present in the Korean market for close to 90 years and today the company employs more than 3,000 associates of whom every 10th is engaged in research and development. In 2007 Bosch in Korea will achieve sales of 1.8 trillion Won (1.4 billion euros). This represents an eight percent growth compared to 2006. Within the Asia-Pacific region Bosch expects a sales increase of 8.5 percent to 7.4 billion euros (9.4 trillion Won) for 2007. All up the Bosch Group will achieve sales of 46 billion euros (some 59 trillion Won) in 2007. This is a growth of five percent compared to 2006 in euros.

 

The new headquarters in Yongin will serve as the central building for Bosch in Korea with its eight locations including five major manufacturing locations (Daejeon, Gunpo, Anseong, Buyong, and Busan). It hosts all product groups with which Bosch is present in the Korean market: starting from the automotive industry with diesel and gasoline systems, chassis systems (with ABS and ESP, manufactured under license in Korea), motors, thermo and wiper systems as well as automotive electronics parts.

 

With the extension of the Technical Center in Yongin, Bosch will aim to bring advanced automotive technologies to the Korean automotive industry. These technologies will improve road safety, vehicle performance, and driving experience. The Technical Center will engage in the application engineering of fuel injection systems for gasoline and diesel engines, chassis system as well as electronics and control units for vehicles. It also comprises activities in the field of automotive aftermarket sales, power tools, and security systems.

 

Krister Mellvé further commented: "The Bosch Group's commitment to the Korean market and its customers stems from our confidence that through our innovative technologies, we can play a central role in shaping the future in many key technology areas," and added, "We will support our customers in Korea to further improve their global position and competitiveness."

 

The Bosch Group is one of the leading global suppliers of technology and services. In the areas of automotive and industrial technology, consumer goods, and building technology, some 260,000 associates generated sales of 43.7 billion euros in fiscal 2006. The Bosch Group comprises Robert Bosch GmbH and its roughly 300 subsidiary and regional companies in over 50 countries. Bosch spends more than three billion euros each year for research and development, and in 2006 applied for over 3,000 patents worldwide. The company was set up in Stuttgart in 1886 by Robert Bosch (1861-1942) as “Workshop for Precision Mechanics and Electrical Engineering.”

 

 


 

Author: The FINANCIAL