Bulten exits Joint Venture in Russia

2022-03-04Press release

Bulten has decided to exit its operations in Russia due to the current situation.

The exit process starts immediately. 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, and is since 2012 running its business through a Joint Venture with the automotive manufacturer GAZ.   

Earlier this week, Bulten made the decision to move all production made in Russia for external markets to Europe.

Bulten’s 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. However, the exit might involve write-downs. More detailed information will be communicated later in the process.                                                                                                                                                                                                                                                                                                    

For additional information, please contact:
Ulrika Hultgren, SVP Corporate Communications and IR
Phone: +46 727 47 17 58
E-mail: ulrika.hultgren@bulten.com                                                                                                                                                                                                         

This information is information that Bulten AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 19:15 CET on 4 March 2022.

Bulten Group is a leading global manufacturer and supplier of fasteners to the automotive industry, as well as other customer groups such as consumer electronics and home appliances. The offering extends from a wide range of standard products to specially adapted fasteners. With Bulten’s Full Service Provider concept, customers can entrust all their fastener needs to the company, including development, sourcing, logistics and service. Bulten was founded in 1873, has approximately 1,700 employees in 16 countries and is headquartered in Gothenburg, Sweden. Net sales in 2021 totaled SEK 3,730 million. Since 2020, PSM International has been a part of Bulten. The share (BULTEN) is listed on Nasdaq Stockholm. Read more at ww.bulten.com.