OREANDA-NEWS. July 07, 2015. Bosch is growing rapidly in South Korea. Last year, the supplier of technology and services generated consolidated sales of 1.5 billion euros there, registering growth of 21 percent. “We expect to be able to expand our business in South Korea at a similar pace in the years ahead,” said Peter Tyroller, the Bosch board of management member responsible for Asia Pacific. He added that this success is the result of a long-term strategy of continuous investment in the expansion of local activities. In order to further strengthen its position in the Korean market, Bosch recently announced a joint venture with the wiper manufacturer Kyung Chang Wiper Corp. (KCW).

Wiper systems business to be strengthened
Within the next few weeks, the joint venture will start operations under the name KB Wiper Systems (KBWS). It is planned that some 700 associates will work there. Bosch plans to contribute its wiper business in South Korea to the new company. KCW will be adding its global business with wiper arms and blades. The joint venture’s new headquarters will be in Daegu. “The partnership with KCW brings us even closer to our customers, thereby strengthening the position of our wiper systems in the Korean market. The new company will allow us to develop products that are geared to both original equipment manufacturers and the aftermarket,” said Dr. Frank Sch?fers, president of Robert Bosch Korea.

Bosch is celebrating its 30th anniversary in South Korea this year. All its business sectors – Mobility Solutions, Industrial Technology, Consumer Goods, and Energy and Building Technology – are now represented in the country at a total of six locations. In Yongin, south of Seoul, Bosch not only has its Korean corporate headquarters, but has also operated an engineering center since 1990, where 250 engineers are currently working on solutions for the local market. In Daejeon, the company has been manufacturing components for diesel engines since 2001. In the past five years alone, Bosch has invested more than 200 million euros in the expansion of its manufacturing and engineering locations in Korea. The company currently employs nearly 2,000 associates in South Korea.

Asia Pacific: growth region number one
In Asia Pacific, Bosch grew its sales 17 percent (19 percent after adjusting for exchange-rate effects) in 2014, to 13 billion euros. At just under 27 percent, the region’s share of total sales reached a new high. Sales growth was especially strong in China, rising a nominal 27 percent to 6.4 billion euros. In Peter Tyroller’s view, established markets such as South Korea and Japan remain an important pillar of Bosch’s growth strategy in Asia Pacific: “In industrialized markets, our focus is on innovative products, services, and new business models which create additional customer benefit and spark enthusiasm.” Bosch also sees great business opportunities in the area of connectivity in South Korea, one of the world’s leading economy for key industries in this field.