In Asia Pacific, the company saw an 8.3 percent increase in sales to US$23.3 billion in 2016. The company concluded its 2016 fiscal year with US$884 million in consolidated sales in Southeast Asia. The company has seen growth in the Philippines, Thailand, and Vietnam. In Singapore, the company made US$117 million in revenue.
The company provides technology and services globally—which also includes the automotive aftermarket, power tools and security systems—and has started 2017 with positive performance in Southeast Asia. In Singapore, the company benefitted from the growth of the automotive industry and steady amount of customer orders for its security systems.
“Over the course of the year, we will expand our manufacturing capabilities, increase our distribution network including online platforms for extended product coverage, and ramp up solution and service offerings in the internet of things,” said Martin Hayes, president, Bosch Southeast Asia.
Due to a slower economic outlook in 2017, the company looks to increase growth by sales of three to five percent. Its financial performance is still predicted to improve despite heavy upfront investments which were made to secure the company’s future.
The company invested more than US$134 million in Southeast Asia last year. As the region’s growth as a global manufacturing hub continues to advance, the company has built an automotive components manufacturing plant in Thailand which will start production by end 2017.
The company’s industrial technology business sector saw a positive performance in its hydraulics and factory automation solutions, and the company will continue to focus on services and connected industry solutions to drive future growth.
The company is seizing the opportunity to strengthen its presence in the connectivity sector. Several products and solutions have already been introduced to Singapore by the company, which can help progress the country’s technological advancement in the internet of things. An example is its Connected Industrial Sensor Solution—a multi-sensor device that detects motion and environmental conditions; intended for retrofitting industrial machinery to enable functions such as condition monitoring and predictive maintenance.
The company aims to further develop its transformation mobility sphere and IoT connectivity segments. By 2020, all of its new electronic products will feature connectivity, with the key being artificial intelligence. With investments reaching US$336 million over the next five years into its own centre, the company is aiming to develop further technology in artificial intelligence.
APMEN News, May 2017