3/12/2010
NEWS BRIEFS
Bossard Cut 12% of Workforce in 2009
Despite cutting operating costs by more than 20%, Switzerland-based Bossard Group cut its workforce by 12.3% to 1,403 employees in 2009. The company introduced flexible schedules to avoid further cuts.
Overall 2009 worldwide sales dropped 30.2% to CHF 395.1 million (US$388 million).
“But there were also some bright spots,” CEO David Dean stated. “Despite sluggish demand we again acquired numerous new customers.”
Bossard pointed to fourth quarter sales as an indicator the market has “either stabilized further or improved noticeably, particularly in Europe and Asia. Though Q4 sales dropped 24.5% to CHF 95.2 million (US$93.4m), for the first time since the recession began sales were up from the previous quarter.
European sales for 2009 totaled decreased 32.7% to CHF 224.5 million (US$220.1m), while sales in North America fell 29.4% to US$102 million.
“In the second half of the year (U.S.) demand fell again – partially for seasonal reasons – and then stabilized at a low level,” the company stated.
In Asia, the positive signs of an upturn in demand continued in the fourth quarter of 2009 as Q4 sales rose 14% from Q3. Full-year sales in Asia declined 20.9% to CHF 59.9 million.
Bossard expressed “cautious optimism” for 2010.
“One positive sign is that the slight recovery in the fourth quarter of 2009 continued at the beginning of the current year,” Dean noted. “Moreover, prices in the procurement market are rising. These factors give us confidence.” ©2010 GlobalFastenerNews.com
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