Global Fastener News

The Bossard Group reported record sales in 2022, driven by double-digit growth in the U.S. 

Fourth-quarter sales in the U.S. increased 43.5% to CHF 80.2 million (US$86.5 million) as the Swiss fastener manufacturer “significantly” expanded its market presence in Canada by acquiring PennEngineering’s Canadian distribution business.  Terms of the deal were not disclosed.

Bossard said the acquisition is in line with its strategy to “expand its capabilities in the U.S.”

Founded in 1970, PENN Engineered Fasteners Corporation (PEF), based in Concord, Ontario, Canada, was acquired by PennEngineering in 2017.  The company supplies fasteners to automotive, energy, agriculture and appliances markets, generating annual sales of $25 million with 30 employees.  Web: PennEngFast.com

Other U.S. developments helped as well, including production achievements at Bossard customer Telsa.

“In the electromobility sector, exciting commercial vehicle projects were implemented,” the company stated.

Full-year U.S. sales climbed 36.8% to CHF 309.4 million.

Meanwhile, Q4 growth in Europe slowed, with sales up .8% to CHF 141.2 million amid high demand despite continuing geopolitical tensions.  Full-year growth rose 8.7% to CHF 624.2 million.

Results in Asia were impacted by the lifting of COVID restrictions in China and the resulting wave of infections.  Q4 sales in Asia gained 5.4% to CHF 54.8 million.

Bossard noted that the situation in China “continues to cause uncertainty.”

For the year, Bossard consolidated revenue rose 15% to CHF 1.15 billion, including a 13.3% increased to CHF 276.2 million in the fourth quarter.

During the year, Bossard experienced a stronger trend toward nearshoring and an increased demand for Smart Factory Assembly (SFA) solutions amid inflation and a skilled labor shortage.  However, the strong Swiss franc slowed growth.

Züg, Switzerland-based Bossard will publish its 2022 annual report on March 1.  Web: Bossard.com