Jason Sandefur

Months after Swedish fastener firm Finnveden Holding AB was split into two business units, Bulten and Metal Structures, Sweden-based private equity group Nordic Capital AB says both units are sufficiently profitable to be sold or go public, Nordic News Digest reports.
“Just now we have moved to profit, following a strong result improvement in the first half of 2008,” Bulten chairman Roger Holtback stated.
Finnveden has now returned to the black following two years with an aggregate loss exceeding 500 million crowns (US$78.5 million), “mainly due to the investment in a new plant in Bielsko-Biala in Poland,” according to the News Digest. Finnveden has increased its annual revenue 11% to over 3 billion crowns (US$471.1m).
Bulten develops, produces and markets a range of metallic fasteners and services for the automotive industry. Bulten is a major supplier of fasteners to the European automotive industry.
Nordic Capital purchased Finnveden in 2004 for 2 billion Swedish crown (US$314.1m).
In 2005 Finnveden turned its Bufab subsidiary into an independent company, transforming Finnveden into a supplier of fasteners and components to the automotive industry, while Bufab provided fasteners for general industry. Web: finnveden.com \ �2008 FastenerNews.com