Bulten signed a twelve-year lease of approximately $1 million per year for the new facility, which will be located in Streetsboro between Bulten's current plant in Hudson and PSM’s in Youngstown.
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By replacing conventional fasteners in a vehicle with BUFOe, CO2 emissions can be reduced by more than 30% in the manufacturing process, according to the Swedish fastener manufacturer.
The Swedish fastener manufacturer said the deal strengthens its position in the international fasteners market and provides a “strong platform for continued growth globally.”
The Swedish fastener manufacturer said the move provides it a “modern and fully integrated plant with cold forming, heat treatment and surface treatment,” making Bulten one of the few fastener suppliers in China that controls all steps in the manufacturing process in-house.
Fredrik Bäckström succeeds Jörg Neveling, who will retire on October 31.
“Demand for hybrids and electric cars is increasing, and this is a favorable development for Bulten,” stated CEO Tommy Andersson.
Half of almost 1,000 automotive industry decision makers surveyed in Europe, Asia, and the Americas believe battery electric vehicles are the No. 1 trend in their sector, up from the No. 3 spot in 2016 (and up from the No. 9 spot in 2015), according to KPMG’s Global Automotive Executive Survey 2017.
Company to relocate and grow Chinese operation in the coming months, Fastener + Fixing Magazine reports.
“The development toward more hybrid and electric cars works in our favor, as more fasteners will be needed for each car due to new materials and powertrains.”
“To meet increased demand for our products and the rise in volumes connected to signed contracts, we decided during 2017 to invest in new capacity.”
In October, Bulten announced plans to invest SEK 45 million in a new heat treatment line in Hallstahammar. In addition, the company said it’s prepare to change CEO by 2019.
With this investment, Bulten can move from the current logistics center in Wilkowice to the new building and thus get an efficient production flow to handle future growth, the company explained.
“We see good opportunities to continue to grow the business and increase our market share,” stated CEO Tommy Andersson.
“Being a supplier to the automotive industry is challenging on many levels but we have managed to strengthen our customer relations by, among other things, supplying the best quality and service at the lowest possible cost,” stated CEO Tommy Andersson.
Bulten is entering the North American market and will produce it’s externally threaded fasteners in Ramco’s new 165,000 sq ft facility in Hudson, OH. The JV will operate as Ram-Bul.
"We advanced our position in technology for electric cars and hybrids," stated CEO Tommy Andersson.