Bosch Korea, a leading global supplier of technology and services, ended its 2014 fiscal year with 2.1 trillion KRW consolidated sales in Korea, registering a strong growth of 21% compared with the previous year.
“Our healthy performance in Korea is based on our long-term strategy of continued investment and business diversification,” said Dr. Frank Schaefers, president of Robert Bosch Korea, at an interview with The Korea Post on June 30, 2015. Then he said, “We intend to increase our business along these lines in the future as well.”
2015 marks the 30th anniversary of Bosch in Korea since the start of liaison activities in the country in 1985. In the past years, Bosch has focused on localization in order to provide innovative products and services that meet Korean customers’ needs in a sustainable way. In addition, Bosch has been continuously expanding its investment in Korea. In the past five years, Bosch invested some 260 billion KRW into its local business and plans to invest an additional nearly 30 billion KRW in 2015. The number of associates employed at Bosch in Korea stood at around 1,900 as per April 1, 2015.
Bosch and KCW, the Kyung Chang Wiper Corp., will establish a 50:50 joint venture in mid-2015 to develop, manufacture, and sell wiper systems in the Korean market. The new joint venture will start to operate with about 700 associates. The name of the new company will be KB Wiper Systems (KBWS) with its headquarters in Daegu. On June 2, 2015, Bosch and KCW signed a Memorandum of Understanding with Daegu Metropolitan City to build the headquarters and the new wiper systems plant of KBWS in the Daegu National Industrial Park. The new plant is expected to start production at the end of 2016. The total investment will be approximately 200 billion KRW.