Bossard Group reported Q1 2014 sales at CHF 161.5 million (132.6 million euros). In local currency sales were up 5.6% year-on-year.

Bossard says European and Asian sales are currently driving its results, noting that American sales declined significantly as the result of reduced demand from a major customer. European sales were up 8.4% in local currency and by a similar increment converted to Swiss Francs at CHF 106.5 million. Asian sales were up 17.2% to CHF 21 million but currency depreciation hit the CHF result, reducing growth to 9.4%.

American sales were down 7.8%, equating to an 11.2% fall in Swiss Francs to CHF 34 million.

New Tesla contract

Bossard, however, also reported a new contract with American electric vehicle manufacturer, Tesla, which it expects to stimulate American H2 business. Tesla awarded Bossard a three year contract with a total volume of around US$140 million to provide production fasteners, engineering and logistical services. The importance of this cooperation has prompted Bossard to open a new distribution centre near the Tesla factory in Fremont, California. The two companies have collaborated for more than four years on the design and development of the cutting edge Model S, including engineering, prototyping and ultimate delivery of production fasteners – utilising Bossard’s globally unique inventory management system: SmartBin.

New Malaysian centre opens

The Bossard Group also announced the opening of a new 9,000m2 distribution centre with offices in the Penang Science Park, Bukit Minyak, Malaysia, with an employment capacity of 80 people. CEO David Dean said the new facility provided the basis for continued growth in the region.