Bosch plans to invest $178.7 million to expand its plants in South Korea by 2013 and add 300 workers.
Hermann Kaesse, president of Robert Bosch Korea, said that the company is confident that the South Korean auto industry will further develop and plans to widen its expansion in the country. Currently Bosch has four Korean units: Bosch Electrical Drives Co., ETAS Korea Co., Bosch Rexroth Korea Ltd. and Robert Bosch Korea, and JVs with Doowon Precision Industry Co.
Bosch’s Korean arms sell security systems, auto parts, industrial equipment and other home and industrial appliances. In 2011 the company reached a profit of 2.5 trillion won, up 14% compared with 2010. The company now plans to extend more in the country and focus on creating an Internet-based industrial system.
In August Bosch sold its stake in KEFICO Corp, a 50-50 JV with Hyundai, which wanted to solely own the company. The end of this partnership won’t make Bosch stop providing Hyundai with auto parts. The German company plans to add 300 workers by 2013 for to develop its new direct gasoline injection technology.
In 2011 the company also invested $200 million in North America for consumer, automotive and industrial products, and this year Bosch plans to add $350 million, to expand and renovate some plants.