Industry News

Bulten AB has reported record sales for the financial year 2022 with it achieving net sales of SEK 4.47 billion (€404.7 million), an increase of 19.9% on the same period last year (2021: SEK 3.73 billion). Operating earnings (EBIT) totalled SEK 180 million (2021: SEK 232 million), equating to an operating margin of 4%.

Anders Nyström, president and CEO at Bulten AB, commented: ““It is pleasing to see that once again in 2022, as a whole, Bulten achieved the highest ever sales in its almost 150 years in business, and that in Q4 we achieved an operating margin (7.6%) in-line with our financial target for 2024. This is a sign of strength in a time of uncertainty – characterised by inflation and component shortages.”

There were several key developments at Bulten throughout 2022. In January, Bulten signed an FSP (Full Service Provider) contract for a new European vehicle program for an existing customer – with Bulten underlining that its clear sustainability focus was a key factor in winning the contract – worth in the region of SEK 100 million a year at full production. In March, Bulten signed another FSP contract for a new European electric vehicle for an existing customer. The contract is worth in the region of SEK 75 million a year at full production. 

In June, Bulten completed the divestment of its Russian operation. The operation was bought by the Russian company CAR SEATS LLC and all shares in the joint venture company previously owned by Bulten and GAZ were redeemed.

In September, Bulten was nominated as a supplier of fasteners for a new global electric car platform, to be produced in China. The order value is estimated at approximately SEK 155 million a year at full production. Also in September, Bulten began a collaboration with Polestar on the development project Polestar 0, which aims to build a climate neutral electric car by 2030 – by eliminating emissions in the supply chain. Bulten’s contribution will be the delivery of climate neutral fasteners.

Bulten increases holding in TensionCam

Bulten AB has also acquired an additional 36.5% of the shares in TensionCam Systems AB at a purchase price of SEK 4 million. The acquisition makes Bulten the majority owner of TensionCam with 63.5% of the company’s shares. 

TensionCam specialises in developing sensors for the measurement and monitoring of clamp loads in screw joints and the company has initiated several pilot projects with third parties in areas such as wind turbines, water and sewage, and the process management industry, in which its sensor technology has been integrated to complete screw joints. The aim of these projects is to accelerate development and finalise a concrete customer offering. 

Anders Nyström explained: “Pilot projects over the past year using TensionCam’s sensor technology have produced positive results. It is now time to begin industrialisation and commercialisation of the product. This is completely in-line with our strategy to diversify our offering with new, practically applicable technology.” 

Emmy Pavlovic, SVP technology and innovation at Bulten, commented that TensionCam has a highly interesting product that’s particularly suitable for installation and monitoring of critical fastener applications, such as large pipe joints and machines that are exposed to various types of stress and strain. “These are the kinds of applications we believe to be of interest, and ones that can bring new business opportunities for Bulten.”

In addition to Bulten, TensionCam is owned by Emergera AB, which holds remaining 36.5% of its shares.