2/13/2014 12:57:00 AM
NEWS BRIEFS
Bulten Ltd. Moves To New UK Logistics Facility Amid Strong Sales
Bulten invested in a new UK logistics center. The new 10,000 sq m center will replace the existing facility, housing the central warehouse and office functions in at a new site in Scunthorpe approximately 1 mile (1.5 km) from the current location.
“The new logistics centre will be modern and better suited to the needs of our business. It also has the possibility to expand, which is important and in line with Bulten’s potential to grow its business in the years to come,” stated Neal Thomas, Managing Director of Bulten Ltd.
“The move to the new building will commence early January 2014 and will be completed by the end of Q1 2014,” Neal added. “Then we will have implemented a modern flow around the new warehouse with expected efficiency savings of approximately 10%.”
The news came shortly before parent company FinnvedenBulten announced results for 2013.
In the fourth quarter net sales rose 21.6% to SEK 823 million (US$127.9 million). Q4 earnings (EBIT) reached SEK 41 million (11), which corresponds to an operating margin of 4.9% (1.7). Earnings after tax were SEK 29 million.
Order bookings rose 60.1% to SEK 925 million.
Cash flow from current activities was SEK 86 million.
During the final quarter of 2013 FinnvedenBulten won new business worth an annual amount of around SEK 240 million, most of which was within the Bulten division.
“Our successful FSP concept (Full Service Provider) within division Bulten continues to generate market shares and the new contracts will mean gradual volume increases in coming years with relatively limited start-up costs.”
2013
Full-year sales edged up 3.3% to SEK 3.06 billion. Earnings in 2013 reached SEK 105 million, which corresponds to an operating margin of 3.4%.
Profit after tax was SEK 88 million.
Order bookings amounted to SEK 3.26 billion, up 15.3% on the same period last year.
Cash flow from current activities was SEK 219 million in 2013.
FinnvedenBulten has signed an agreement for the sale of the Swedish aluminium business at Finnveden Gjutal AB within the Finnveden Metal Structures division. The transaction is expected to be completed by the end of March.
“The Group’s operating earnings were strengthened during the year due to higher volumes and the effects of the ongoing restructuring. Demand has improved steadily and the positive trends continued into the final quarter.”
Will FinnvedenBulten Split?
To further improve business focus and clarify the value in each division, the company has initiated an evaluation of a split of the Group during 2014.
“The aim of this evaluation is to optimize the divisions’ future opportunities and to achieve long-term added value for shareholders.” ©2014 GlobalFastenerNews.com
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• Investment Up In U.S. Fastener Industry
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