Bosch expands its business in South Korea
Bosch is growing rapidly in South Korea. Last year, the supplier of technology and services generated consolidated sales of EUR 1.5 billion (USD 1.6 billion) there, registering growth of 21%.
“We expect to be able to expand our business in South Korea at a similar pace in the years ahead,” said Peter Tyroller, the Bosch board of management member responsible for Asia Pacific. He added that this success is the result of a long-term strategy of continuous investment in the expansion of local activities. To further strengthen its position in the Korean market, Bosch recently announced a joint venture with the wiper manufacturer Kyung Chang Wiper Corp. (KCW).
Within the next few weeks, the joint venture will start operations under the name KB Wiper Systems (KBWS). It is planned that some 700 associates will work there. Bosch plans to contribute its wiper business in South Korea to the new company. KCW will be adding its global business with wiper arms and blades. The joint venture’s new headquarters will be in Daegu. “The partnership with KCW brings us even closer to our customers, thereby strengthening the position of our wiper systems in the Korean market. The new company will allow us to develop products that are geared to both original equipment manufacturers and the aftermarket,” said Frank Schäfers, president of Robert Bosch Korea.
Bosch is celebrating its 30th anniversary in South Korea this year. All its business sectors – Mobility Solutions, Industrial Technology, Consumer Goods and Energy and Building Technology – are now represented in the country at a total of six locations. In Yongin, south of Seoul, Bosch not only has its Korean corporate headquarters, but has also operated an engineering centre since 1990, where 250 engineers are currently working on solutions for the local market. In Daejeon, the company has been manufacturing components for diesel engines since 2001. In the past five years alone, Bosch has invested more than EUR 200 million (USD 219 million) in the expansion of its manufacturing and engineering locations in Korea. The company currently employs nearly 2,000 associates in South Korea.