Sweden-based fastener manufacturer Bulten Group has agreed to assume full ownership of its operations in India, reflecting the strategic importance of India within Bulten’s long-term direction.
Bulten plans to relocate its current operations to Chennai, placing the business within one of India’s leading industrial clusters for consumer electronics and advanced manufacturing.
The project will progress in stages, starting with an expected investment in the range of SEK 30 million to SEK 50 million (€2.8 million to €4.6 million). Further development will be evaluated over time and in-line with customer demand and market conditions.
“This development is well aligned with how many of our customers are currently evaluating their industrial footprints, including ‘so called’ China-plus-one considerations,” stated CEO Axel Berntsson. “India is increasingly seen as an important complement in global supply chains, particularly for electronics and industrial applications.”
In February Bulten announced plans to set up a new manufacturing facility at Oragadam.
The proposed facility will cost Rs 525 crore (US$58.3 million) and is expected to generate around 2,000 jobs. The plant will manufacture a range of micro-fasteners catering to both the domestic market and exports, with key export destinations including Europe and the U.S.
That same month, Bulten decided to consolidate the manufacturing volumes currently produced at its site in Streetsboro, OH, into its European manufacturing operations. The Ohio facility, which primarily supported customer relationships that are part of Bulten’s broader European customer base, will be shuttered.
Bulten will focus its U.S. operations on a pure distribution model, with an emphasis on customer relationships, sourcing, logistics and value-added services.
