Bosch Security President's Speech

Bosch Security President Gert van Ipeeren presented at SecuTech. Key points presented:

• Expects 2009 security sales decline of 5% globally, 10% in US and 2% in Asia
• Distributors have been reducing stock to improve cash position
• Encouraged manufacturers to diversify manufacturing and development to hedge against currency changes (probably useful only for the biggest companies)
• Commented that our industry needs to face the fact that after many years of constant growth, "our industry is not growing anymore." While I believe he was alluding to the entire security market, certainly the fast growth era cannot be taken for granted even in IP video (as Axis' results show).
• Commented that companies have been forced to scale down due to over capacity
• Acknowledged that there was 'quite some price pressure'