Bobst reconsiders its industrial organization. The Swiss manufacturer of packaging equipment is studying the possibility of setting up a plant in the United States, an option previously ruled out. This review comes at a time when margins are being affected by a number of factors.
The American market, a strategic market for Bobst
Customs duties, dollar fluctuations and geopolitical uncertainties weigh heavily on the business of the group, which achieved sales of 1âeuros622Â million Swiss francs in 2025 (1âeuros761Â million euros) and employs 6âeuros300Â employees. Outgoing CFO Attilio Tissi told Switzerlandâ??s AWP economic and financial news agency that producing in the dollar zone would limit exposure to currency fluctuations and offset some of the erosion of margins, as the USA is the Groupâ??s biggest market in absolute terms, ahead of Europe.
Tariffs and uncertainty dampen order intake
Bobst is in fact going through a slowdown phase that management describes as cyclical. The pandemic had stimulated e-commerce and investment by packaging converters, generating overcapacity.
With 15% tariffs on European products starting in August 2025, and 50% tariffs on steel and aluminum in February, U.S. machine order intake fell by over 70% in the second quarter.
"The situation deteriorated further on August 1, 2025, when tariffs on certain Swiss âeuro products, notably industrial machinery and production equipment, which make up the core of our exports to the US âeuros, were raised to 39Â%." states the Group in its annual financial report. "Investor hesitation persisted until mid-November, when Federal Councillor Guy Parmelin announced a provisional reduction in customs duties to 15%."
Paradoxically, however, the invalidation of these tariffs by the US Supreme Court in February has penalized the Swiss group. "Our customers had only just accepted that the 15% was the new norm," explains the CFO. Today, it's more difficult for us to justify this extra cost, when the question has not yet been definitively settled."
Production in the United States, an option revived
This situation could be remedied by setting up a plant in the USA. The CFO points out that the decision has not yet been finalized and should be made by the summer. Bobst has already established an industrial presence there with a machine reassembly activity. The Group is now analyzing the advantages and risks, in particular the cost and availability of manpower, a point which has hitherto held back any industrial establishment.
However, the Group anticipates a gradual recovery over the next few years, in the order of 2-5% per year, due to demographic growth and the rise of the middle class, particularly in Asia.
