Industry News

Bulten AB has reported net sales amounting to SEK 5.757 billion (€510.7 million) for the financial year 2023, an increase of 28.7% on the same period the previous year (2022: SEK 4.474 billion). Operating earnings (EBIT) totalled SEK 230 million (2022: SEK 180 million), equating to an operating margin of 4%.

Adjusted operating earnings totalled SEK 243 million (2022: SEK 284 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.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.

Based in Singapore, Exim has annual sales in the region of SG$40 million (SEK 320 million). The acquisition affords 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. 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,” explains Bulten. 

Farewell to CEO 

After five years as Bulten’s CEO and president, Anders Nyström departed the company in early February, to pursue “other challenges”. A process to recruit a new CEO and president is underway, having been initiated by the board of directors.

Departing, Anders said: “It has been a privilege to lead and develop Bulten together with the board of directors and all professional employees. My decision to leave has not been easy, but I feel that the time is right for me to take on new challenges after these five years as CEO of the Group.”

Chairman of the Board Ulf Liljedahl added: “Through his leadership and commitment, Anders has played an important role in successfully developing Bulten AB and taking the company to its current position. During Anders’ time as CEO, the company has experienced strong growth at the same time as the market has been in a period of change. On behalf of the board of directors, I would like to express my thanks to Anders for his valuable contribution during these years and wish him all the best in the future.”

Current Board Member Christina Hallin has been appointed interim CEO and president and will act as such until a replacement has been found for the position.