For 2012, Bosch expects the global economy to further weaken, but does not expect any global recession, the German company said today an e-mailed statement.
Following an estimated 3.2 percent in 2011, the company predicts global economic growth of some 2.5 percent in 2012.
With respect to Europe, Fehrenbach said: “Whether we see stagnation or even a recession depends largely on how rigorously and quickly the necessary reforms are carried out in the euro zone.”
Given these circumstances, the Bosch Group expects to see sales growth of between 3 and 5 percent.
Earlier Tuesday, Bosch said it plans to buy SPX Corp.’s Michigan-based service solutions business for €883 million to boost its presence in the diagnostics business, particularly in North America and the Asia Pacific region.
The deal should close in the first half and give Charlotte, North-Carolina-based SPX an after-tax book gain of $450 million, or $8.65 a share, according to a statement.
“Acquiring SPX Service Solutions will help make Bosch one of the leading providers of diagnostic solutions,” Robert Hanser, president of Bosch’s automotive aftermarket division, said in the statement.
Bosch has more than 350 subsidiaries across over 60 countries and its products are sold in around 150 countries.