MANILA – Bosch, a global supplier of technology and services, is planning to expand its operations in Cagayan de Oro within the year.
The firm said Cagayan de Oro is earmarked as the third Bosch business hub location outside of Metro Manila. The firm opened offices in Cebu and Davao in 2013.
"The up-and-coming city provides easy access to a large concentration of markets in Northern Mindanao, including mining and energy," Bosch said in a statement on Thursday.
Bosch ended its 2014 fiscal year with $42.5 million in consolidated sales in the Philippines, a growth of more than 45 percent year-on-year.
The firm said 2014 sales made the Philippines "the fastest growing market for Bosch in Southeast Asia."
"The strong growth is based on the successful performance of the company’s power tools and automotive businesses, along with significant contributions from its security systems business which formally established local operations in 2014," Bosch said.
As of April 2015, Bosch had increased its workforce in the Philippines to nearly 400 associates.
“As we celebrate the 20th anniversary of our office in Manila, Bosch remains strongly committed to the Philippine market through continued product and service diversification, employment growth, compelling social and sustainability programs, trainings, and partnerships,” said Andrew Powell, managing director of Bosch in the Philippines.
“For 2015, we expect further sales growth in the country based on an increased demand for our innovative products ‘invented for life,’” Powell added.
For its global sales, the Bosch Group expects to grow within an exchange rate-adjusted range of 3 to 5 percent in 2015.