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Tesla Partnership Boosts Bossard Sales
Pubdate:2017-10-18   Source:Globalfastenernews  

Bossard Group boosted sales in the third quarter of 2017 by 12.4% to CHF 194.6 million (US$199.6 million)

“Solid organic growth in all three market regions contributed to this impressive performance,” the company stated.

Q3 sales in the U.S. rose 11.1% to CHF 52 million, while sales in Europe increased 12.5% to CHF 111.3 milllion, while sales in Asia improved 13.8% to CHF 31.3 million.

Sales during the first nine months of 2017 rose 14.1% to CHF 589.7 million.

“In America, Bossard continues to benefit from the cooperation with the largest US electric vehicle manufacturer as well as the turnaround in demand from the second major customer, a company in the agricultural technology sector,” the company stated.

Tesla awarded Bossard a three-year, $140 million contract in 2014 to provide production fasteners, engineering and logistical services. Bossard subsequently opened a new distribution center near the Tesla factory in Fremont, CA.

Nine-month Bossard sales in the U.S. jumped 24.8% to CHF 166.3 million, while sales in Europe gained 9.1% to CHF 334.6 million and sales in Asia improved 14.1% 15.3% to CHF 88.8 million.

“We assume that demand will continue to be strong in both Europe and Asia,” stated CEO David Dean. “We expect a continued positive development in America as well, although the growth rate will fall short of the other markets due to the base effect described.”

For 2017, Bossard anticipates sales will grow 12% to CHF 780 million.

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