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Bosch Rexroth with higher sales in 2023 – challenges in2024
Jan Saeger | 09.04.2024 | Lohr am Main / Germany••••

Sales increase by 7.5 percent to 7.6 billion euros, mainly due to company acquisitions
Customer satisfaction signiﬁcantly improved

High investment in innovations and global manufacturing network underpins growth strategy
Recovery in order intake expected in second half of 2024

Bosch Rexroth business ﬁgures 2023 compared to 2022.

Lohr – Bosch Rexroth again recorded strong growth in ﬁscal year 2023. Sales rose by 7.5
percent to around 7.6 billion euros compared to the previous year. Growth was driven bycompany acquisitions, but also by positive regional developments, for example in India.
However, due to the economic downturn, especially in its major markets, the company
recorded a decline in order intake of 13.1 percent to around 6.4 billion euros. This weakens
the outlook for the current ﬁnancial year. Bosch Rexroth pursues a long-term growth strategy
and has invested in new plants and buildings, for example in Germany, Slovenia and Mexico,
in more modern production facilities and in research and development. At the end of 2023,
Bosch Rexroth employed around 33,800 people worldwide. The 5.5 percent increase comparedto the previous year was mainly due to the acquisition of HydraForce which was completed in2023.
“In 2023, our global team managed the balancing act between initially high capacity utilizationand then falling order intake. This demonstrates the strength of Bosch Rexroth: We have kept ourcompany’s business on course. At the same time, customer satisfaction has increased again,”says Dr. Steffen Haack, CEO of Bosch Rexroth AG. The company has strengthened its offering tohydraulic and factory automation customers through innovations, acquisitions and partnerships
and has consistently developed its global manufacturing network. Digitalization for customers
and internal processes is being driven forward, and Bosch Rexroth is continuously strengthening
its sustainability activities as well as integrating the acquired company HydraForce. “Even inchallenging times, we can rely on our strong corporate culture, which is geared to the success of
our customers and of our company,” says Haack.
Sales: increase through acquisitions

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Sales rose nominally by 7.5 percent (around +530 million euros) to 7.6 billion euros. Currencyeffects had a negative impact of around 190 million euros, so that sales rose by 10.1 percent
after adjusting for currency effects. Since 2023, HydraForce and ELMO Motion Control have also
been part of the business of Bosch Rexroth and, like the business of Kassow Robots, the majorityof which was acquired in 2022, now contribute to the higher sales.
The positive development in North and South America (+24 percent) was mainly inﬂuenced by
the acquisition of HydraForce. Sales in Europe outside Germany grew by 9.3 percent and inGermany by 3.4 percent. In the Asia/Africa/Australia region, sales declined by 4.6 percent. There
were very different developments in the region: The sharp decline in China, the largest market
for Bosch Rexroth alongside the USA and Germany, could not be compensated for by the othercountries in the Asia region. In India, however – where Bosch Rexroth has been active for 50years – sales were around 30 percent higher than in the previous year.
Incoming orders: decline due to weak economy since second half of 2023
Order intake in 2023 amounted to around 6.4 billion euros. This is about 950 million euros, or
13.1 percent, less than in the previous year when the second highest value in the company’s
history was achieved. The weak economy and ongoing uncertainty in most regions of the world
have led to a signiﬁcantly lower volume in new orders, especially since mid-2023. Bosch Rexroth
expects order intake to recover in the second half of 2024.
Outlook for 2024: improving competitiveness in a diﬃcult environment“We expect that the current year will continue to be marked by the weak economy and major
uncertainties in the economic and political environment,” says Holger von Hebel, CFO of Bosch
Rexroth AG. In view of these conditions, increased material, energy, logistics and labor costs
as well as the signiﬁcant decline in new orders, cost pressure remains very high. Therefore,
the company continuously takes measures to increase competitiveness; for example, greater
automation of processes or the continuous further development and better balancing of theglobal manufacturing network. “We proceed decisively, but with care. We are thus able to standstrong in the currently challenging environment and at the same time we invest and innovate to
be prepared for the next upswing ,” adds von Hebel.
Investments and innovations underpin growth strategy
As part of its long-term growth strategy, Bosch Rexroth invested around 460 million euros in
research and development in 2023. This marks an increase of 18.5 percent compared to theprevious year. More than 6 percent of sales go into this area, again more than the industry
average. These investments strengthen the company’s leading position in hydraulics and drive
growth in factory automation – one of Bosch’s strategic growth areas.
In 2023, investments in new plants, buildings, machinery and tools amounted to around390 million euros. With the newly opened plants in Querétaro, Mexico, as well as in Brnik,
Slovenia, Bosch Rexroth continues to strengthen and further balance the global manufacturing
network and to consolidate local supply chains. At the headquarters in Lohr, for example, themodernization of the foundry was largely completed and a new customer and innovation center

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was opened. Further centers of this kind were established in Warsaw, Poland, and Budapest,Hungary.
Examples of innovations from Bosch Rexroth include solutions for the compression and handlingof hydrogen, the ctrlX OS operating system open to the entire automation market, for whichrenowned partners such as Dell Technologies, congatec or Nokia could be won, the new eOCcapable (electronic open circuit) A10VO series 60 axial piston pump covering the medium
pressure range with which mobile machines can be used even in more versatile and ﬂexible ways,
the myBODAS digital collaboration platform for eﬃcient collaboration between users and BODAS
experts to accelerate software development for off-highway vehicles, as well as comprehensive
automation solutions for the entire value stream in battery production – from electrode and cell
production to battery module and pack assembly to end-of-line testing and recycling. With its
battery recycling solution, Bosch Rexroth has been nominated for the renowned Hermes Award,
which will be presented at Hannover Messe. From 22 to 26 April, the company will be presenting
many of its innovations there.
Acquisitions and partnerships: strengthening the portfolio and potential for further growth
The acquisition of the US-based company HydraForce with around 2,100 associates worldwide
was completed in spring 2023. HydraForce specializes in mechanical and electrical screwin valves and control blocks. In China, Bosch Rexroth has entered into agreements with local
partners to establish joint ventures in the areas of electriﬁcation of off-highway machines andautomation. They will develop, manufacture and market speciﬁc products for this region.
Associates: team grew signiﬁcantly, mainly due to acquisition in the United States
At the end of 2023, Bosch Rexroth employed around 33,800 people worldwide. That is 5.5
percent or about 1,800 more than in the previous year. With the acquisition of HydraForce, theNorth/South America region recorded the strongest growth (a total of +40 percent or around
1,300 associates, respectively). After two years of job creation, the number of associates inGermany declined slightly also due to the partial relocation of activities already announced in2022 (by 2.8 percent or around 400). Around 42 percent of all Bosch Rexroth associates work inGermany.

Basic Information Bosch Rexroth
As one of the world’s leading suppliers of drive and control technologies, Bosch Rexroth
ensures eﬃcient, powerful and safe movement in machines and systems of any size. Thecompany bundles global application experience in the market segments of Mobile and Industrial
Applications as well as Factory Automation. With its intelligent components, customized systemsolutions, engineering and services, Bosch Rexroth is creating the necessary environment for
fully connected applications. Bosch Rexroth offers its customers hydraulics, electric drive andcontrol technology, gear technology and linear motion and assembly technology, including
software and interfaces to the Internet of Things. With locations in over 80 countries, around33,800 associates generated sales revenue of 7.6 billion euros in 2023.

Basic Information BoschThe Bosch Group is a leading global supplier of technology and services. It employs roughly
428,000 associates worldwide (as of December 31, 2023). According to preliminary ﬁgures,

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the company generated sales of 91.6 billion euros in 2023. Its operations are divided into fourbusiness sectors: Mobility, Industrial Technology, Consumer Goods, and Energy and Building
Technology. As a leading IoT provider, Bosch offers innovative solutions for smart homes, Industry
4.0, and connected mobility. Bosch is pursuing a vision of mobility that is sustainable, safe, andexciting. It uses its expertise in sensor technology, software, and services, as well as its own
IoT cloud, to offer its customers connected, cross-domain solutions from a single source. The
Bosch Group’s strategic objective is to facilitate connected living with products and solutions
that either contain artiﬁcial intelligence (AI) or have been developed or manufactured with its
help. Bosch improves quality of life worldwide with products and services that are innovative andspark enthusiasm. In short, Bosch creates technology that is “Invented for life.” The Bosch Group
comprises Robert Bosch GmbH and its roughly 470 subsidiary and regional companies in over
60 countries. Including sales and service partners, Bosch’s global manufacturing, engineering,and sales network covers nearly every country in the world. The basis for the company’s futuregrowth is its innovative strength. At 136 locations across the globe, Bosch employs some 90,000
associates in research and development, of which roughly 48,000 are software engineers.

Press Contact

Please get in touch with our Press Contact

Jan Saeger

Head of Corporate
Communications+49 9352 182288
Jan.Saeger@boschrexroth.de