Bulten AB divested its European automotive fastener facilities to Maelir AB.

The transaction includes two sales and service companies in Sweden and Romania and four factories located in Hallstahammar, Sweden; Bergkamen, Germany; and Bielsko-Biała and Radziechowy, Poland.

The divestment reduces Bulten’s annual sales by 38%, cutting 1,000 employees from the payroll.

The transaction follows the Swedish group’s announcement in July to cut capital costs and refocus towards distribution and value-added services.

“The European divestment is now complete, with Tianjin to follow shortly,” stated CEO Axel Berntsson. “The transactions allow us to focus our efforts on Bulten’s continued development, while giving both businesses good opportunities to develop further under their new owners.”

Bulten AB will retain its UK-based FSP business through a supply agreement with Maelir.

Bulten AB’s divestment of its $13 million Tianjin operation (Bulten Fasteners (Tianjin) Co., Ltd.) should finalize by October.

The news comes months after Bulten shuttered its factory in Streetsboro, OH, refocusing its U.S. operations on distribution.