4/25/2009
NEWS BRIEFS
Bossard A Bright Spot in Fastener Industry
Bossard achieved a 9.5% increase in operating profit to CHF 45.1 million (US$39.5 million) during 2008, despite a 5.8% drop in sales to CHF 566 million (US$496.8m). Profit was boosted by improved productivity in the U.S. and Asia.
“The past business year was very successful for us, despite noticeably declining demand in the second half of the year,” the company stated.
Sales in the U.S. grew 2.9% in local currencies, though the result represents a 7.9% drop to CHF 156.3 million, mostly due to a weak U.S. dollar.
Sales in Europe dipped 3.8% to CHF 333.7 million, while revenue from Asia declined 11% to CHF 75.7 million after years of growth.
“Sales development remained positive in Central and Eastern Europe, (but) the sales volume was down in all other regions,” the company reported.
Bossard said its long-term organic growth and lack of debt from any large acquisitions in recent years have given the company a strong foundation in an uncertain global marketplace.
The company had 1,600 employees around the world at the end of 2008, down 9.8% due mainly to cuts in the U.S. and Asia.
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