Bossard Sales Fall 30.2% in 2009

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Results were heavily impacted by the worldwide decline in industrial production. The collapse of demand, the cutting back of inventories, and the falling prices of raw materials led to an exceptionally high drop in sales for Bossard, according to the company's press release.

"But there were also some bright spots" David Dean, the CEO of Bossard Group stated. "Despite sluggish demand we again acquired numerous new customers. Moreover, we enhanced our market share further and our consolidated net income was substantially higher than anticipated."

In Europe, sales were down in all markets, falling down 32.7% to CHF 224.5 million (US$210 million). In local currencies, sales decreased 30.5%. The negative trend slowed down marginally in Q4 2009. During that period sales were even up somewhat on the previous quarter.

In North America, sales fell 29.4% to $102 million. In the second half of the year, demand fell again – partially for seasonal reasons – before stabilizing at a low level.

In Asia, sales dropped to CHF 59.9 million (US$56 million), a decline of 20.9 % in Swiss francs and 18.4% in local currencies. Bossard's subsidiary in India was the only Group company to report an increase in sales, growing 22% for the year.