Swiss fasteners distributor Bossard Group reported sales in 2007 were up 7.4% to CHF 601 million (US$587.9 million at current exchange rates) from the year before. The sales increase is due to organic growth.
Sales in Europe were up 16.3%, with strongest gains in Southern Europe (+37%), and Eastern Europe (30%).
In the U.S. sales fell 3%. The company reported: The restructuring program launched in fall 2006 was completed on schedule and within budget at end 2007. It is already showing results: Costs were cut by 29% and the scattered U.S. operations concentrated, thus reducing company locations by two-thirds." The 3% sales decline was better than the company's forecast 10-11% fall.
In Asia, sales rose by 7%, with the highest growth in Bossard China. Sales there rose 35%. Growth in Singapore and Thailand was also above average.
Consolidated profit was up 150.3% to CHF 30.5 million (US$29.8 million).
Bossard Group has 1,800 employees in more than 70 locations worldwide and reported sales in excess of CHF 600 million.