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The Bosch Group will invest KRW 170 billion in Korea this year to diversify its business. At an annual press conference Tuesday, Bosch Korea CEO Hermann Kaess noted that Bosch has grown substantially in Korea, showing an annual growth rate of 13 percent over the last ten years, and adding that Bosch Korea is facilitating new opportunities for long-term growth while maintaining its key businesses in line with the Bosch Group’s global strategy.
Robert Bosch Korea invested KRW 60 billion last year to build manufacturing facilities for gasoline fuel injection systems in Daejeon. This year the German group will invest KRW 170 billion to build production lines for high pressure pumps and new plants in the Mieum Industrial District in Busan.
Bosch Korea’s Gasoline Systems division will make an additional investment of KRW 150 billion by next year to expand production lines in the Daejeon plant and create 400 jobs by end of this year. Diesel Systems division will recruit youths for sales, research and development (R&D), engineering, and injector production to develop advanced clean diesel technology and increase production.
Kaess explained that expansion of the Daejeon plant will enable Bosch to provide customers with cutting-edge technology that can substantially reduce energy consumption and emissions with not only its Diesel systems but also gasoline systems and power trains.
Bosch Korea also plans to strengthen its presence in energy, building, and consumer goods.
With a partnership with Daesung Heatpump established in January, Bosch Korea entered the thermotechnical business. Bosch Korea signed a contract for joint development and product supply with Daesung Heatpump, which it and Daesung invested in together. Bosch Korea expects the cooperation with Daesung Heatpump to help grow and contribute to its businesses.
Bosch and Siemens Home Appliances, which launched Tassimo coffee makers in the Korean market last year, also expanded their business by introducing kitchen appliances including hand-held blenders, food processors and espresso machines in April.
Kaess noted that Bosch Korea is continuously investing to innovate and diversify in the Korean market, adding that the company will provide more high added values and products and focus on R&D policies.
Robert Bosch Korea, with 1,780 employees and KRW 2.38 trillion sales last year, has businesses in the fields of automotive electronics, the automotive aftermarket, power tools and security systems.
Source: Newsis (June 4, 2013)
** This article was translated from the Korean.