Bulten has signed an agreement to acquire all shares in PSM International Holdings for $24.5 million (SEK 230 million) in a bid to strengthen its position in the international fastener market.
Founded in 1931, PSM is a fastener manufacturer and supplier to the automotive industry with production units in China, Taiwan and the UK, as well as distribution centres in 22 countries.
PSM's largest market is the Asia-Pacific which accounts for half of the company's sales, followed by the US which is approximately 30%.
During the 12-month period leading up to and including August 2019, PSM's sales amounted to around $42 million (SEK 395 million).
"PSM has a strong brad and as an innovative supplier of fasteners I am very pleased to be able to announce this strategically important acquisition," said Anders Nyström, Bulten President and CEO. "Our operations complement each other well and the acquisition means that we will broaden Bulten's customer base in our growth markets in Asia and North America as well as strengthening our production capacity and out product offering.
"In addition, PSM's growth potential in Europe is strengthened by Bulten's strong position in this market. The acquisition is a milestone in Bulten's development and I look forward to welcoming PSM to the Bulten Group."
This acquisition, as well as the opening of its new Tianjin production facility in China last month, indicates Bulten's intent for international growth.
From the start of this year, the company's ongoing restructure programme in Germany is expected to result in an annual saving of SEK 25 million, in addition to the awarding of new and renewed contracts.
