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. Web: Bossard.com