Bosch says it will invest almost EUR370m (US$406m) in North America this year, as the supplier unveiled a major rise in sales in the region.

“We are planning to invest nearly EUR370m euros in North America in the current year. This commitment underscores the region’s importance to the Bosch Group,” said Bosch Americas board member, Werner Struth.

“Based on the current economic situation, we expect to continue growing through the end of the year.”

In 2014, Bosch increased its total sales in the US, Canada and Mexico in nominal terms by 8.6% to EUR8.5bn.

Adjusted for exchange-rate effects, the increase was as much as 9.3%. “We are on track to double our sales in the Americas by 2020,” said Struth.

During the past ten years the company has invested around EUR2.2bn expanding research and development as well as local manufacturing.

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By GlobalData

In August 2015, the company will officially open a new plant for Thermotechnology in Tepotzotlán, Mexico. The site has been producing gas-fired instantaneous water heaters for the Mexican and Latin American markets since June 2015.

Plans also potentially involve expanding the Bosch plants in Juárez, San Luis Potosí, and Mexico City, Mexico.