GERMANY: Bosch plans big investment and sales in China
Robert Bosch aims to invest EUR650m (US$759m) in China by 2007, while doubling sales to EUR2.5bn during the same period.
The privately held industrial group expects sales in China this year to jump 20% on-year to hit EUR1.2bn, as breakneck economic growth fuels car buying among an increasingly wealthy population, Reuters reported, citing a statement by chairman Franz Fehrenbach.
Ferhenbach reportedly said Bosch, whose products other than car parts include domestic appliances, also intends to double its purchasing in China by 2007, from EUR670m currently.
The company, which had invested EUR550m in China up to 2004, has said it is aggressively pursuing growth opportunities in the fast-expanding Chinese and Indian vehicle markets.
According to Reuters, Fehrenbach said that sales in Asia-Pacific were expected to account for 25% of the group's total sales by 2010, up from 14% now.