2020
The Bossard Group reported sales fell 5.7% to CHF 218.9 million (US$225.4 million) during the opening quarter of 2020, largely as a result of the stronger Swiss franc.  In local currency, the decline was 1.8%.

“In particular, business in Europe stayed the course with only a slight drop in sales of 0.2 percent in local currency, maintaining virtually the same level as last year,” the company stated.  “In Asia, where the impact of the COVID-19 pandemic was most evident in the first quarter, we are seeing the first signs of market normalization, primarily in China.”

Sales in Europe dipped 0.2% in local currencies to CHF 133.1 million.  Bossard said it introduced “short-time work” in Switzerland, which will reduce employee pay by 4%.

Q1 sales in North America declined 4.3% in local currencies to CHF 54 million, which represented a 5.5% improvement over the final quarter of 2019.  With local authorities instituting stricter policies to combat the COVID-19 pandemic, Bossard said it “will likely face challenging weeks in this market region in the second quarter and possibly beyond.”

After a long period of “uninterrupted growth,” demand in Asia dropped 4.5% in local currencies to CHF 31.8 million. 

“In spite of all the challenges, we posted record sales in Taiwan as well as double-digit growth in India and Singapore.”

During Q1 Bossard acquired specialty fastener manufacturer Torp Fasteners.  Bossard has held a stake in the Oslo-based specialty fastener supplier since January 2015.

Bossard said it’s looking at a “difficult” second quarter.

“A quick recovery from the COVID-19 pandemic is currently not foreseeable.  This is especially true for the European markets.  Many countries, including Italy, France, Germany and Switzerland, have drastically reduced their economic activities.”

Bossard faced a “challenging market environment” in 2019, with sales up 0.6% to CHF 876.2 million (US$905.3 million).  When adjusted for acquisitions, sales fell 3.3%.

“In spite of the weaker economy, the trade dispute between the USA and China, and the increasing strength of the Swiss franc, the Bossard Group experienced continued growth in Europe and Asia.”

“In America, the increasingly difficult economic conditions led to a marked decrease in sales.”

2019
U.S. sales dropped 9.3% to CHF 218.4 million, including a 16.1% decline in the fourth quarter.  Bossard said it concluded several customer projects that had stimulated growth in 2018.  Likewise, a slowdown in the industrial sector affected demand from several major customers.  And the product mix at Tesla “changed significantly with the third model series, which had a negative impact on the demand for Bossard products.”

Sales in Europe rose 3% to CHF 507.7 million, boosted by the acquisition of Germany-based BRUMA and the takeover of the Boysen fastener distribution business from the German AQUAERO Group.  Without acquisitions, sales increased slightly by 0.5%.

Sales in Asia were significantly better, with revenue growing 9.4% to CHF 150.1 million.  Excluding acquisitions, sales for the entire year grew 3.8%.

Bossard Group “continued to face challenging market conditions” in the third quarter of 2019.

Sales rose 2.7% to CHF 218.5 million (US$219.2 million), up 3.2% in local currency.

The Switzerland-based company described the business environment in the U.S. as “difficult,” with sales declining 10.9% to CHF 53.8 million (-11.8 percent in local currency).

“There are several reasons for this development: Some customer projects that stimulated growth last year were finally concluded. The slowing economy, also reflected in the US purchasing managers’ indices, led to lower demand from a number of major customers.

“Moreover, the product mix of the largest US electric vehicle manufacturer (Tesla) has changed markedly since the introduction of its new model series, driving sales down.”

Sales in Europe rose 8.1% to CHF 127.1 million. The increase includes the acquisition of Boysen, which has been in consolidation since July 2019.

“With this strategically valuable takeover, the Bossard Group has significantly solidified its position in the aerospace industry,” the company stated.

Sales in Asia were lower than expected, increasing 8.4% to CHF 37.6 million, boosted by investments to expand its distribution network and  modernize infrastructures.

“The effects of the trade dispute between the USA and China are becoming increasingly tangible in Asia,” the company stated.

In the first nine months of 2019, Bossard sales grew 1.6% to CHF 669.4 million. Sales in the U.S. declined 7.1% to CHF 167.2 million, while sales in Europe grew 3.6% to CHF 391.9 million and sales in Asia increased 9.2% to CHF 110.3 million.

2018
Dr. Daniel Bossard succeeded David Dean as CEO of the Bossard Group in May 2018. Dean had been CEO since Heinrich “Henry” Bossard died in a private plane crash in 2004 in New Zealand. Daniel Bossard is the seventh generation of the Bossard family.

The Bossard Group posted record results for 2018, with sales rising 10.8% to CHF 871.1 million (US$884.7 million) and “all market regions contributing.”

In the U.S., sales increased 9.4% to CHF 240.9 million.

“Our cooperation with the largest US electric vehicle manufacturer (Tesla) also contributed positively to the acceleration in demand.”

In 2017, Bossard opened a 10,000 sq ft fastener design and testing facility in Milpitas, CA – 20 miles east of Tesla headquarters in Silicon Valley.

Sales in Europe grew 10.8% to a record CHF 493 million in 2018.

Bossard Group reported sales in the first quarter of 2018 increased 10.9% to a record CHF 220.4 million (US$229 million).

“Once again, the Group posted broad-based growth in all three market regions,” Bossard stated.

In Europe, where Bossard generates about 60 of its sales, growth was 14.8% to CHF132.1 million.

In the U.S., Bossard posted “gratifying growth,” with sales growing 8.2% to CHF 58.1 million.

“Business with the largest US electric vehicle manufacturer (Tesla) was less dynamic in the first quarter,” Bossard stated. “In spite of higher production volumes, sales remained at the previous year’s level, mainly due to a change in product mix.”

During Q1, Tesla announced a recall of nearly 123,000 Model S sedans – nearly half of all the cars it has manufactured – after discovering that certain corroding bolts in cold weather climates could lead to a power-steering failure. In late March Bossard distanced the Group from the Tesla recall by stating “the bolts in the power steering component affected by a recall were not supplied by Bossard.”

In its earnings report, Bossard added that Tesla “accounted for less than 6 percent of Group sales in the first quarter.”

Q1 sales in Asia rose 12.7% to CHF 30.2 million, including double-digit growth in Taiwan and Thailand.

Bossard estimates sales volumes in fiscal year 2018 to approach CHF 850 million, compared to last year’s CHF 786 million.

2017
Bossard Group reported sales in 2017 rose 13.1% to CHF 786.2 million (US$819.2 million), with double-digit growth rates in Europe, North America, and Asia.

“Investments to develop new capacities and targeted acquisitions that consolidated our market positions in Europe and America were decisive factors in our surge in growth in 2017,” the company noted.

In Europe, Bossard sales increased 10.8% to CHF 444.9 million, with growth rates climbing steadily from one quarter to the next. Fourth-quarter sales grew 16.1% to CHF 110.3 million.

“This dynamic development was largely due to past years’ investments that consolidated our market position in various countries.”

Bossard said it made “great strides” in North America, with sales up 18.4% to CHF 220.3 million, “attributable to both organic growth as well as acquisitions.”

“In particular, business with the largest US electric vehicle manufacturer (Tesla) continued to thrive, with the company launching production of a new model in the third quarter.”

In May 2017, Bossard opening a 10,000 sq ft fastener design and testing facility in Milpitas, CA – 20 miles east of Tesla headquarters in Silicon Valley.

Business with a “major customer” in the agricultural technology sector also added to growth in 2017, along with contributions from Arnold Industries, which Bossard acquired in September 2016.

However, the rate of growth in North America declined in the second half of the year.

In Asia, Bossard “benefited from past development efforts that substantially expanded capacities in China, Thailand, South Korea, and Malaysia.” Sales in Asia gained 12.8% to CHF 121.0 million.

“In fact, Bossard posted double-digit sales growth in nearly all countries – particularly in China, our most important market in Asia.”


2016
During 2016, Bossard Group sales grew 5.9% to a record CHF 695 million (US$686.8 million), boosted by strong growth in Europe and North America. EBIT increased 11.6% to CHF 78.5 million and net income rose 14.6% to CHF 62.4 million.

Corporate Office: Steinhauserstrasse 70 Postfach 1257 6301 Zug, Switzerland.
Tel: 41 41 749 66 11
Web: bossard.com
CEO: Daniel Bossard
Employees: 2,447