Switzerland-based Bossard — No. 26 on Industrial Distribution's Big 50 List — reported its fiscal results for the first half of 2017 on Thursday, led by major year-over-year growth in Europe and in the U.S.
The group posted total first half consolidated sales of $408.7 million, up 15 percent year-over-year, while profit rose 44.7 percent to $46.9 million. Organic sales increased 9.5 percent.
"Soaring sales and profits in the first half of the year is yet another confirmation of our profit-oriented growth strategy," the company said Thursday. "Bossard made gains in all market regions, most of all in the America business."
In Europe, where Bossard does nearly 57 percent of its business, sales of $231.0 million increased 7.5 percent overall and 8.6 percent in local currency.
In the U.S., sales of $118.2 million jumped 32.3 percent. Half of that growth is attributable to Bossard's Q4 2016 acquisition of Canton, MA-based Arnold Industries. Excluding that acquisition, first-half U.S. sales rose by 17.4 percent. Bossard said that the U.S. growth reflects its cooperation with the largest U.S. electric vehicle manufacturer, as well as its second major U.S. customer — which is in the agricultural technology sector — profiting from a more favorable economic climate. "After a long slump, this business is bouncing back," Bossard said about that customer.
In Asia, Bossard sales grew by 16.2 percent.