Bufab To Be Independent Firm

Jason Sandefur

Swedish engineering company Finnveden Group plans to turn its Bufab subsidiary into an independent company with its own management and board of directors. Bufab’s current president and management reportedly will remain with the company. Bufab had operated as a business segment of Finnveden.
Dividing the businesses can allow each company to better develop its own business concept, Finnveden explained. After the separation, Finnveden will be purely a supplier of fasteners, engine components and structural components to the automotive industry, whilst Bufab will provide fasteners for general industry.
“The separation is a natural extension of our long-term strategy work with streamlining operations. Earlier we had already transferred part of our fasteners operations to Bufab and thereby clearly differentiated fasteners for general industry as a separate business area,” commented Finnveden CEO Tommy Boork.
Bufab accounted for 22% of Finnveden’s SEK4.9 billion revenue in 2004. Web: finnveden.se �2005 FastenerNews.com