Giant auto industry supplier Robert Bosch does not expect to meet its 2008 targets and sees no growth next year.
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“Our revenue will probably be slightly below last year’s and will we have to lower our sights significantly for profits,” CEO Franz Fehrenbach said in a letter to staff cited by the Reuters news agency.
“I expect no growth” in 2009, he added.
Bosch was reported to be boosting cost-cutting.
Reuters noted the supplier said last September it expected to miss its 5% sales growth target again in 2009 as car sales slowed in major markets.
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