Bosch Group expects 2009 loss of around $2.1 bln

(AP) — German industrial company Robert Bosch Group reported Wednesday a preliminary 2009 loss of euro1.5 billion ($2.1 billion) as sales fell sharply amid the economic downturn, but said it was optimistic that it would break even in the current year.

The privately held Bosch Group, based in Stuttgart, includes Robert Bosch GmbH, the world's largest car parts manufacturer and supplier.

Bosch said the loss would come on the back of a 16 percent drop in revenue, to euro38 billion.

The group said its Automotive Technology business, which makes up the bulk of the group, saw revenue decline 18 percent to euro21.7 billion in 2009.

"However, there has been a noticeable improvement since the middle of 2009," Bosch said in its report.

"This trend is likely to continue in 2010. Besides growth in Asia's emerging markets, particularly in China and India, vehicle production in North America is expected to significantly regain momentum."

Bosch said Europe is also expected to see a recovery with Germany set to report a slight improvement.

The company said it intends to take advantage of global vehicle market trends to increase Automotive Technology sales by at least 10 percent by 2012. It said, however, that for the market to reach pre-recession levels of 2007, the current market has to grow by some 30 percent.

More than 90 percent of the shares of the Bosch Group are held by a charitable foundation and the Bosch family. The company also makes products for industry and the consumer goods and building sectors.

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