Swedish automotive fastener manufacturer Bulten AB reported sales jumped 28.7% to SEK 5.757 billion ($557.8 million) in 2023.

Adjusted operating earnings totaled SEK 243 million, equating to an adjusted operating margin of 4.2%. Operating earnings were charged with the transaction costs of SEK 13 million – attributable to the acquisition of Exim, an Asian distributor of fasteners and other components.

Based in Singapore, Exim has annual sales in the region of SG$40 million (SEK 320 million). The acquisition gives Bulten a good platform to grow in new sectors, where the distribution stage is a pivotal sales channel.

“2023 was the year when Bulten laid the foundation for future expansion opportunities in the distribution stage, as well as micro screw sales, through acquisitions and establishing new operations,” the group stated. “It was also a year of very high sales, which unfortunately resulted in capacity challenges and also had a negative impact on operating profit, both in Q4 and for the year as a whole.”

The corresponding period of the previous year was adjusted by approximately SEK 104 million – where SEK 93 million was related to “winding up” costs for Bulten’s operation in Russia.

After five years as CEO and president, Anders Nyström departed the company in early February. Current Board Member Christina Hallin has been appointed interim CEO and president until a replacement has been found for the position. Web: bulten.com