Industry News

Despite a turbulent year Bulten AB reported net sales of  SEK 3.73 billion (€349.5 million), an increase of 16.7% on the same period last year (2020: SEK 3.195 billion).

Anders Nyström, president and CEO at Bulten AB, commented: “Looking at 2021 as a whole, we grew faster than the market and achieved our highest annual sales ever with SEK 3.73 billion and an EBIT margin of 6.2% (2020: 3.5%). This was despite a turbulent year affected by difficulties in the supply chain; significant price rises for raw materials; and a semiconductor shortage that had major consequences for the automotive industry; especially on our main market of Europe, where fewer vehicles were produced in 2021 than in 2020. It is also pleasing to see that sales outside of the automotive market increased by as much as 69% during the year.”

There were several key developments at the business throughout 2021 including in May, with construction beginning on a new production plant in Radziechowy-Wieprz, Poland. In July, a strategically important contract was also signed in China with a leading player in consumer electronics. The contract has an estimated annual value of approximately SEK 50 million, with delivery beginning in Q3 2021. In August, an existing Full Service Provider (FSP) contract was extended by a European vehicle manufacturer. The order is worth approximately SEK 68 million a year, and deliveries began in Q4 2021. Finally, in September, an FSP contract was signed with a European vehicle manufacturer, a new customer for Bulten. The contract relates to a new electric vehicle that is under development. The contract is worth in the region of SEK 220 million a year at full production. Deliveries are expected to begin in Q3 2022.

Further acquisitions key to strategy for profitable growth

The board of directors of Bulten AB has also decided to retain the financial targets set at the beginning of 2020 up to 2024. To achieve these targets, acquired growth primarily in North America, along with continued increased market share in and outside of the automotive sector, will be important parts of the strategy.

Anders explains: “We have a clear ambition to grow both organically and through acquisitions. With the addition of PSM International in 2020, we have established a strong platform for growth in Asia. The goal now is to continue our growth journey, for example by focusing on acquisitions in North America. With further acquisitions, a continued focus on increasing our market share within and outside of the automotive industry, and also through our strong sustainability offering, our target remains to achieve sales of SEK 5 billion by 2024.”