10/28/2014 1:15:00 PM
NEWS BRIEFS
Bulten Inaugurates Facility in Russia

Bulten inaugurated its Russian production facility in Gorky Automotive Plant. The factory is Bulten’s first in Russia, and was dubbed “the first modern manufacturing unit of fasteners for the automotive industry in the country,” according to Bulten.

“We started production in the business at the end of September – initially in small scale but with a planned gradual increase in volume,” commented CEO Tommy Andersson. “Bulten and GAZ have in a very cost effective way created a modern production together and I see great potential in this initiative.”

As part of the venture, a 12,500 square meter production facility has been renovated, with international modern machinery installed to enable all process steps in production.

Bulten is the former FinnvedenBulten AB, which officially changed its name in September to Bulten AB, the final step in its transformation to a solely fastener company.

In June, FinnvedenBulten sold its Metal Structures division to Shiloh Industries Inc., a U.S. supplier to the automotive industry, for SEK 490 million (US$74.3m).  With the sale, Sweden-based FinnvedenBulten said it was focusing on exclusively on fasteners.

Following the sale, the company unveiled its new executive team, led by CEO Tommy Andersson and CFO Helena Wennerström.

Bulten reported third quarter sales jumped 36.2% to SEK 593 million, with earnings reaching SEK 25 million, which corresponds to an operating margin of 4.2%.

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Related Links:

• Bulten