Bulten employee in Nizhny Novgorod, Russia

Bulten AB has decided to exit its operations in Russia due to the war in Ukraine.

“The exit process starts immediately,” the Swedish fastener manufacturer stated.  “The ambition is for the process to occur in a controlled way to secure obligations towards employees, customers and other business partners.”

Bulten has 125 employees in Russia, where it has been running its business through a joint venture with Russia’s largest commercial automotive manufacturer GAZ since 2012.

Bulten made the decision to move all production made in Russia for external markets to Europe.

The decision to terminate its business in Russia will not have a significant impact on the company’s income since the domestic sales in Russia is equal to 1.6% of the total annual sales, Bulten added. However, the exit might involve write-downs.

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