FinnvedenBulten and GAZ sign final agreement
Dec 20, 2012
The Automotive Components division of GAZ Group, which is
Russia's largest manufacturer of commercial vehicles, and
FinnvedenBulten announce today that they have signed a final
agreement to form a company for manufacturing fasteners at GAZ
Group's plant Gorky Automobile Plant. FinnvedenBulten thereby
establishes its first production facility in Russia.
FinnvedenBulten's division Bulten will through investments of
approximately EUR 7 million become the majority shareholder in the
company. The operations to be included in the company currently
have a turnover of about EUR 11 million annually and are expected
to have significant growth potential both short-term and long-term.
The company will be a consolidated subsidiary within the
FinnvedenBulten Group.
The
company will develop and produce fasteners for the automotive
industry in Russia and the Commonwealth of Independent States
(CIS). The company will also supply fasteners to Bulten's global
customer base with existing production facilities in Russia.
Production is planned to start by the end of 2013.
Gorky
Automobile Plant, which manufactures fasteners for Russian
customers, will provide the infrastructure for production while
Bulten, which supplies fasteners to the global automotive industry,
will be responsible for developing new products, new technology and
distribution.
"The
potential of the Russian market is expected to be significant. We
have noticed a great interest from new and existing customers since
the announcement of the Letter of Intent in the spring of 2011. The
trend among international OEM's is to establish production in
Russia", says Tommy Andersson, CEO of Bulten.
The
collaboration may be subject to approval by the appropriate
supervisory authorities.
For further information, please
contact:
Tommy Andersson, CEO,
Bulten AB
Tel: +46 (0)31-734 59 00, e-post:
media@finnvedenbulten.com
Roger
Holtback, Chairman of the Board, FinnvedenBulten AB
Tel: +46 (0)70-548 68 18
About Nordic Capital Private Equity Funds
Since the start in 1989, Nordic Capital Private Equity Funds
have invested in large and medium sized companies, primarily in
Northern Europe. Through committed ownership and by targeting
strategic development and operational improvements, Nordic Capital
creates value in its investments. The funds invest in companies in
Northern Europe and in selected investment opportunities
internationally. They are based in Jersey, Channel Islands, and are
advised by the NC Advisory companies in Sweden, Denmark, Finland,
Norway, Germany and the UK. Additional information about Nordic
Capital is available through its corporate website, www.nordiccapital.com.
Back to news listings >
