Automotive fastener manufacturer Bulten AB will invest $4.3 million to locate a factory in Streetsboro, OH, Area Development reports.  The Sweden-based company committed to creating 35 jobs.

Bulten already has a facility located in northeast Ohio in Hudson, near Akron. State officials said Bulten chose a facility in Streetsboro to accommodate its growth, according to Area Development.

“Ohio is well located geographically for the U.S. automotive industry,” stated CEO Anders Nyström.  “We look forward to use Streetsboro for our future expansion in North America.”

In March, Bulten acquired PSM International for $24.5 million.  Founded in 1931, PSM supplies fasteners to international markets, primarily automotive, with 350 employees and production facilities in China, Taiwan and the UK, as well as distribution centers in 22 countries.  Web: psminternational.com 

Bulten is coordinating its business with PSM and moving into a shared building in Streetsboro, OH, between Bulten’s current plant in Hudson and PSM’s in Youngstown.  The $1 million relocation will begin this spring and is expected to be completed by the fall. 

During Q1, Bulten reported sales increased 1.4% to SEK 821 million, with operating earnings falling 25% to SEK 43 million and net earnings down 79% to SEK 9 million.  Q1 order bookings decreased 6% to SEK 688 million. 

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