BSH Chronology 2003-2013: International Consolidation: Difference between revisions

Yet the success story was not all smooth sailing. A global economic slump in the years 2001 and 2002, attributable also to the 9/11 terrorist attacks in 2001, led among other things to a recession in the export-oriented German economy. The home appliance industry also did not escape. BSH's domestic market in Germany suffered a sharp decline in prices.<ref>BSH Corporate Archives, A01-0021, Business Report 2003, page 5; Background: Germany experienced four recessions to date, 15.05.2003, http://www.handelsblatt.com/archiv/hintergrund-deutschland-erlebte-bisher-vier-rezessionen/2246652.html (last downloaded on 7.2.2017).</ref> To counteract this, management looked more intensively to promising international markets. Apart from expanding the business in North America, Eastern Europe came in for special attention. A new and extremely attractive market had opened up here owing to the eastward enlargement of the EU in 2004.<ref>BSH Corporate Archives, A01-0021, Business Report 2003, page 5-7.</ref> International business – BSH was at this point represented in 37 countries – became an important pillar of the company's economic success.<ref>BSH Corporate Archives, A01-0021, Business Report 2003, from page 6 and page 10.</ref>

The situation on the financial markets remained volatile however. Following a record year for BSH in 2005, when the company recorded a 13 percent year on year increase in revenue<ref>BSH Corporate Archives, A01-0023, Business Report 2005, page 5.</ref>, the next financial crisis hit in 2007. The trigger this time was the real-estate crisis in the U.S., which directly impacted the built-in appliance business. Revenue at BSH fell significantly in 2008.<ref>BSH Corporate Archives, A01-0026, Business Report 2008, page 5. A01-0027, Business Report 2009, page 5.</ref> BSH nevertheless continued to resolutely pursue its strategy of internationalization and expansion to new markets. At the beginning of 2010, BSH began to engage more intensively in the Arabian region, focusing especially on Saudi Arabia.<ref>BSH Corporate Archives, A01-0028, Business Report 2010, from page 50.</ref> To further expand its presence in the central and eastern European region, BSH acquired the Polish small appliance manufacturer Zelmer S. A. in Rzeszów in 2013.<ref>BSH Corporate Archives, A01-0036, Business Report 2013, from page 46.</ref> Despite the economic crisis, BSH was able to increase its revenues again to exceed the ten billion mark in 2013.<ref>BSH Corporate Archives, A01-0036, Business Report 2013, page 35.</ref> BSH benefited from its strong international network developed over the years, which allowed stagnant developments in some regions to be compensated for by growth rates in other regions.

== Notes ==