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  • Bulten establishes operation in India through joint venture company

    Posted in Fasteners manufacturers, Innovation on Nov 23, 2023

    Bulten is establishing manufacturing operations in India through a newly formed joint venture company – Bulten Radium Industries Private Ltd. – alongside two partners: Radium Fasteners Private Ltd. (Radium) and ZJK Precision Parts HK (ZJK). The driver is an increased need for domestically produced micro screws among international customers in the electronics sector with production in India.

    “Our ambition is to increase sales, primarily of micro screws, to companies in the electronics industry. India is a growing market for this segment, as many international manufacturers of electronics are locating more and more of their Asian production in India. This is the driver behind our new operation in India, and we plan to begin production during the first half of next year,” says Anders Nyström, President and CEO of Bulten.

    The operation will be based at a new production plant currently being constructed in Jamnagar, in the western Indian state of Gujarat. The aim is to be fully up and running during the second quarter of 2024, and to have about 50 employees. The building will be leased by Bulten Radium Industries Private Ltd. and therefore involves only limited investment costs for Bulten.

    Bulten has a 51 per cent holding in the newly formed joint venture company. ZJK has previously been a partner to Bulten for the manufacture of micro screws in China, and Radium is a newly formed company owned by experienced players in the fastener industry in India.

    As well as the newly started JV company, Bulten also operates in India through the newly acquired distribution company Exim Mfr & Enterprise.


    Author: Ulrika Hultgren

    SVP Corporate Communications & IR, +46 727-47 17 58,

    ulrika.hultgren@bulten.com

  • Bulten enters into agreement to acquire Exim & Mfr Holdings Pte Ltd

    Posted in Acquisitions, Fasteners manufacturers on Jul 10, 2023

    Bulten has entered into an agreement to acquire all shares in Exim & Mfr Holdings Pte Ltd “Exim”, an Asian, Singapore-based distributor of fasteners and other components, for a purchase sum of approximately SGD 66.3 million (SEK 530 million) on a cash-free and debt-free basis. The acquisition affords Bulten a good platform to grow in new sectors, where the distribution stage is a pivotal sales channel.

    The acquisition is expected to contribute to Bulten’s development and earnings, and to increase earnings per share. Exim gives Bulten access to a large, broad customer base in growth sectors in a dynamic region. The acquisition is an important part of Bulten’s strategy, which aims for growth outside of the company’s primary customer group of automotive, and to improve risk diversification, as well as margins.

    Anders Nyström, President and CEO of Bulten Group, comments: “Our strategy sets out a clear focus on balancing our sales through growth in customer groups beyond the automotive industry. The aim is for these to account for at least 20% of sales by 2025. The acquisition of Exim takes us into the distribution stage, which is a key to profitable growth in new sectors. Exim is a well-managed company with an international customer base and developed processes for distribution and Vendor Managed Inventory (VMI), which is suitable for industries with completely different purchasing patterns than Bulten has historically been used to. Exim’s base in Singapore is also highly attractive. It enables us to take advantage of the strong growth in that region, and we also see potential in using Exim’s sales network to increase sales for our factories in China and Taiwan. Exim will, together with Bulten's rapidly growing business to consumer electronics customers, constitute the beginning of a new industrial segment.”

    Background

    Exim & Mfr Holdings Pte Ltd is a privately owned company based in Singapore. Established in 1982, the company distributes fasteners and other c-parts*, along with related services from more than 1,800 manufacturers and suppliers for American, European, Indian and Japanese companies operating in Asia. The company has more than 1,000 customers in a range of sectors including telecom, electronics, energy, medical technology, aviation, and other industrial manufacturing. Exim has approximately 140 employees in Singapore, India, Indonesia, Malaysia, Thailand, the Philippines and Vietnam, and annual sales of about SGD 40 million (SEK 320 million).

    Purchase sum and completion

    The purchase sum is approximately SGD 66.3 million (SEK 530 million) on a cash-free and debtfree basis. The sum will be paid in cash with equal financing from an existing credit facility with Svenska Handelsbanken and an additional loan from the Swedish Export Credit Corporation. The acquisition is expected to be completed during Q3 2023. The transaction cost is estimated at SEK 8 million.

    KPMG, Drew & Napier, and Setterwalls are acting as advisers to Bulten in connection with the acquisition.

    Access to the shares is expected to take place on August 31, 2023, taking into account the fulfillment of customary conditions according to the transfer agreement.

    * Components with a low unit price that manufacturing companies stock in large quantities. Questions related to the entered agreement regarding the acquisition can be asked at Bulten’s presentation of the Q2 result on July 12.

    Questions related to the entered agreement regarding the acquisition can be asked at Bulten’s presentation of the Q2 result on July 12.

    Webcast BultenQ2: https://ir.financialhearings.com/bulten-q2-2023

    Teleconference Bulten Q2: https://conference.financialhearings.com/teleconference/?id=200812

    For further information, please contact:

    Ulrika Hultgren, SVP Corporate Communications & IR, +46 727-47 17 58, ulrika.hultgren@bulten.com


    Author: Ulrika Hultgren

  • Bulten streamlines its distribution chain

    Posted in Fasteners manufacturers on Jan 12, 2023

    As part of Bulten’s strategy to maintain a strong operational platform, the company has reviewed its global distribution chain. This has prompted a decision to close one of the two logistics centers in Sweden. The cost of the closure amounts to approximately SEK 1.5 million.

    Aiming to bring about more efficient logistics in order to reduce lead times, and streamline processes, while also reducing costs and environmental impact, Bulten has reviewed its global distribution chain. Utilizing capacity in the warehouses close to production units to a greater extent, enables a more efficient supply chain. Accordingly, significant investments have been made in a new warehouse near Bulten’s factory in Germany, and in a new surface treatment plant and a logistics center in Poland. The streamlining will involve the closure of Bulten’s logistics center in Gothenburg, one of the company’s two such centers in Sweden.

    “Streamlining the distribution chain will allow better transportation flows and thereby also reduce environmental impact. We also reduce costs and capital tied up,” says Anders Nyström, President and CEO of Bulten.

    The goods flows that previously passed through Bulten’s logistics center in Gothenburg will now be handled by the center in Hallstahammar, Sweden, and by the above-mentioned logistics centers in Germany and Poland. Ten employees will be affected and trade union negotiations have been initiated. The closure is planned for completion by the end of the second quarter of 2023.

    For further information, please contact:

    Ulrika Hultgren, SVP Corporate Communications & IR, +46 727-47 17 58, ulrika.hultgren@bulten.com


    Author: Ulrika Hultgren

  • Bulten closes manufacturing plant in the UK

    Posted in Fasteners manufacturers, Industry 4.0 on Dec 15, 2022

    In order to streamline the operation and improve profitability, Bulten has decided to close its manufacturing plant in Pembroke, UK. The closure means that 50 jobs are at risk of redundancy.

    The closing-down process will begin with immediate effect, and the plan is to complete the process during the second quarter of 2023. Total restructuring costs amount to approximately SEK 11 million, of which SEK 9 million are reserved for the current year. There will be additional investments totaling about SEK 12 million in connection with the closure. These primarily relate to relocation of equipment and production to Bulten’s other manufacturing plants, along with a few new recruitments.

    “It is unfortunately difficult to achieve profitability with the mix of products made in Pembroke, and also volumes are relatively low. By moving the parts of production that have long-term potential to our other plants, we can achieve better efficiency and thereby higher profitability. This is in line with our strategy, which includes better utilization of our production network,” says Anders Nyström, President and CEO of Bulten Group.

    The operation in Pembroke became part of Bulten Group in 2020 with the acquisition of PSM International. Fifty people are currently employed at the plant, manufacturing and purchasing fasteners for different industrial segments. Bulten’s other operations in the UK will not be affected by the closure of the Pembroke plant.

    For further information, please contact:

    Ulrika Hultgren, SVP Corporate Communications & IR, +46 727-47 17 58, ulrika.hultgren@bulten.com


    Author: Ulrika Hultgren

  • Bulten works with Polestar on development of climate-neutral electric car

    Posted in Fasteners manufacturers, Industry 4.0, Innovation, Sustainability on Sep 15, 2022

    Bulten has begun a collaboration with Polestar on the development project Polestar 0, which aims to build a climate-neutral electric car by 2030.

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    The Polestar 0 project was officially announced in 2021, and aims to create a climateneutral electric car by the year 2030, by eliminating emissions in the supply chain. Bulten’s contribution will be the delivery of climate-neutral and highly functional fasteners. This can be achieved through a combination of energy-efficient materials and processes, as well as renewable energy supply throughout the value chain.

    “We are truly honored to be part of the Polestar 0 project, and to assist one of our customers in developing a truly climate-neutral vehicle. We take our sustainability work extremely seriously, and see this as an opportunity to share our knowledge, but also to learn from the other partners involved in the project,” says Anders Nyström, President and CEO of Bulten Group.

    “A project of this ambition requires partners at the cutting-edge of their industries and which are fully engaged in our bold vision. That’s why I’m looking forward to Bulten becoming a crucial part of our team as we find solutions for developing an entirely climate-neutral supply chain. Bulten’s expertise in fasteners will be invaluable in our mission and will play an integral role in pioneering new and innovative technologies to achieve what has so far been impossible,” says Hans Pehrson, leader of the Polestar 0 project.

    Sustainability is integrated in Bulten’s strategy, and the aim is to become the most sustainable company in the fastener sector. Bulten has clearly defined climate goals both for its own production and its supply chain, which are also in line with the Paris Agreement.

    For further information, please contact:

    Ulrika Hultgren, SVP Corporate Communications & IR, +46 727-47 17 58, ulrika.hultgren@bulten.com


    Author: Ulrika Hultgren

  • Bulten signs FSP contract with clear sustainable objectives

    Posted in Fasteners manufacturers, Industry 4.0, Sustainability on Jan 21, 2022

    Bulten has signed an FSP (Full Service Provider) contract regarding the supply of fasteners to a new European vehicle program for a global automotive manufacturer, which also is an existing customer of the company. The contract value is approximately SEK 100 million annually at full capacity.

    One decisive reason why Bulten was awarded the contract is the company’s distinct sustainability offer. Besides deliveries of fasteners, the contract also entails a close collaboration between the parties to reduce environmental impact in the value chain. This means Bulten will commit to a number of environmental targets during the contract period, with the aim of supporting the automotive manufacturer’s overall sustainability objectives. The targets will be set jointly by both parties and monitored on a regular basis.

    “Of course we are delighted to once again be appointed FSP supplier to an existing customer. It shows that our performance is valued. However, I am particularly proud that we are awarded business based on sustainability, and that we now have a tangible collaboration with a customer to reduce environmental impact. It is a true milestone, and we know that sustainability will be increasingly important to our customers when they choose suppliers,” says Anders Nyström, President and CEO of Bulten.

    Deliveries are expected to begin in the third quarter of 2023, and to reach full capacity in 2025. The new European vehicle program has an expected lifecycle of ten years.


    For further information, please contact:

    Ulrika Hultgren, SVP Corporate Communications & IR, +46 727-47 17 58, ulrika.hultgren@bulten.com


    Author: Ulrika Hultgren

  • Bulten wins strategic consumer electronics contract in Asia

    Posted in Fastener distribution, Industry 4.0, Manufacturing technology on Aug 31, 2021

    Bulten, via its subsidiary PSM International Holdings Limited (PSM), has signed a strategically important agreement in China regarding the supply of fasteners to a leading provider of consumer electronics. The agreement has an estimated annual value of approximately SEK 50 million. Deliveries are planned to begin in August this year.

    “This is a strategically important contract for us, as it further diversifies our customer base and strengthens our position on the Asian market. It is an effect of our earlier acquisition of PSM, which provides good opportunities to grow in Asia and in various segments, including consumer electronics,” says Anders Nyström, President and CEO of Bulten.


    For further information, please contact:

    Ulrika Hultgren, SVP Corporate Communications & IR, +46 (0)727-47 17 58, ulrika.hultgren@bulten.com


    Author: Ulrika Hultgren

  • Bulten starts construction of its new manufacturing facility in Poland

    Posted in Acquisitions, Fastener distribution, Industry 4.0, Manufacturing technology on Jun 25, 2021

    As previously announced, Bulten will invest in a new manufacturing facility in Radziechowy-Wieprz in Poland. Due to the pandemic situation in April 2020, this investment was halted. Bulten’s Board of directors has now made the decision to restart the project with immediate effect. The construction of the new factory begins with a groundbreaking ceremony in May 2021 and production is expected to start in the first half of 2023. The main operation in the new plant will be surface treatment.

    “I am very pleased that we finally can start the construction of our new facility in Poland. With this new plant the company will have a state-of-the-art surface treatment processes, both in terms of efficiency, quality and sustainability”, says Anders Nyström, President and CEO of Bulten.

    The new manufacturing facility is located in Radziechowy-Wieprz, close to Bulten’s existing facilities in Bielsko-Biala and Wilkowice. The total investment, including land, building and production equipment, amounts to approximately EUR 31 million, of which about EUR 3.5 million is for the already purchased land. The investment is within the existing credit agreement.

    For further information, please contact:

    Anders Nyström, President and CEO, Bulten tel: 031-734 59 00, e-post: corporatecommunications@bulten.com

    Bulten Group is one of the leading suppliers of fasteners to the international automotive industry. The company’s product range includes everything from customer-specific standard products to customized special fasteners. The company also provides technical development, line-feeding, logistics, material and production expertise. Bulten offers a Full Service Provider concept or parts thereof. The company was founded in 1873, has some 1,600 employees in sixteen countries and head office in Gothenburg. The share (BULTEN) is listed on Nasdaq Stockholm. Read more at www.bulten.com.

    Author: AHG Bulten AB)

  • Bulten inaugurates new factory in Taiwan

    Posted in Fastener distribution, Fastener suppliers on Feb 01, 2021

    Bulten has inaugurated a new production facility in Taipei, Taiwan through its subsidiary PSM Fasteners Taiwan Ltd...

  • Bulten moves and expands its manufacturing facility in Taiwan

    Posted in Acquisitions, Fasteners manufacturers on Aug 05, 2020

    Bulten has signed a lease contract on a manufacturing facility in Taipei through its subsidiary PSM Fasteners Taiwan Ltd (PSM Taiwan). The new location allows for a more efficient and sustainable operation and...