Last year, the global automotive market was severely affected by the economic crisis, with a slight recovery noted in the second half of the year. Bosal adapted to the global market circumstances by trimming production capacity to match market demand and customer needs, a process which was completed satisfactorily.
Going forward, Bosal expects that the industry will continue to endure hard times, with some vehicle markets remaining at historically low volumes while other countries return to economic growth.
To meet these short-term challenges and long-term opportunities, the Bosal Group continues to drive forward by creating innovative product lines that cut emissions and increase vehicle versatility. In May this year the building of our new production facilities in Novoorsk, Russia will be completed in order to meet the increasing customer demand for towbars in the Russian market. In China a new joint venture company, Shanghai Bosal Huaxiang Co has been founded to supply exhaust systems to the Chinese OEM customer base.
At Bosal Research a new state-of-the-art emission lab will be commissioned in April. With this emission lab it is now possible to carry out the full European type approval emission test, including the various European driving cycles.
Looking longer term, Bosal is making significant investments in the development of high temperature heat exchanger components and natural gas reformers for fuel cells. We believe that this new market segment will grow significantly over the next few years, since the technology is a major enabler to meet the new environmental requirements of our global customer base.
We will also continue the installation of solar photovoltaic (PV) panels on many Bosal manufacturing and office buildings to help the Group to reduce CO2 emissions and cut running costs.
Finally, I am delighted to welcome Aad Goudriaan who will, from the 1st of April, take over from me as
the Group Chief Executive Officer. He has a proven track record in leading an international technology company especially in the recent challenging times. Aad Goudriaan joins the Bosal Group from DAF Trucks N.V. where he was President and Vice-President of PACCAR Inc. I know he will have the full support of the Board in driving this independent, family owned and innovative company forward.
Dr h.c. Karel Bos (1928)
Bosal Group Founder