Robert Bosch To Expand
News: German automotive supplier Robert Bosch intends to invest US$178.7mn in South Korea by 2013 in a bid to expand its facilities in the country and to tap into the country's growing auto industry. The supplier also intends to add 300 workers to develop its direct gasoline injection technology. Bosch currently has four South Korean units - Bosch Electrical Drives, ETAS Korea, Bosch Rexroth Korea, Robert Bosch Korea - and joint ventures with Doowon Precision Industry. The subsidiaries sell security systems, auto parts, industrial equipment, and other home and industrial appliances.
BMI View: Robert Bosch is planning to more than double sales for its automotive division to EUR45bn in 10 years. The supplier hopes to increase sales in countries such as China, India, Russia and Brazil and in South East Asia to achieve its sales target. Bosch CEO Bernd Bohr said the supplier is looking to tap into growth opportunities in Asia and growth potential in electric vehicles.