Swedish fastener manufacturer Bulten agreed to acquire all shares in PSM International Holdings Limited for US$24.5 million (SEK 230 million), strengthening Bulten’s position in the international fasteners market and providing a “strong platform for continued growth globally.”

Founded in 1931, PSM manufactures and supplies fasteners to international markets, primarily automotive. The company has approximately 350 employees and production facilities in China, Taiwan and the UK, as well as distribution centers in 22 countries. Asia-Pacific accounts for approximately 50% of PSM’s sales, while the U.S. accounts for approximately 30% of PSM’s US$42 million (approximately SEK 395 million) in annual sales. Web: psminternational.com

“PSM has a strong brand as an innovative supplier of fasteners and I am very pleased to be able to announce this strategically important acquisition.

“Our operations complement each other well and the acquisition means that we will broaden Bulten’s customer base in our growth markets in Asia and North America as well as strengthening our production capacity and our product offering,” stated Bulten CEO Anders Nyström.

“In addition, PSM’s growth potential in Europe is strengthened by Bulten’s strong position in this market.”

The acquisition is expected to be completed during the first quarter of 2020.

Bulten recently opened its new automotive fastener factory in Tianjin, China, which is about 90 miles southeast of Beijing.

Founded in 1873, Sweden-based Bulten supplies fasteners to the international automotive industry, with 1,400 employees in eight countries. Web: bulten.com