Deals
Bosch Plans Spending Cuts After Currencies Rescue Sales
This article is for subscribers only.
Robert Bosch GmbH, the world’s biggest car-parts maker, said it will hold back on investments this year as a recession in Europe caused profitability in 2012 to miss targets and sales rose only because of currency effects.
The operating return on sales was about 2 percent last year, compared with a long-term goal of 8 percent, Chief Executive Officer Volkmar Denner said at a press briefing. Revenue, which increased 1.6 percent to 52.3 billion euros ($69.5 billion) from 51.5 billion euros in 2011, would have fallen without a boost from exchange rates, he said.