The Bossard Group has increased its majority stake in Oslo-based Torp Fasteners, a specialist in high-quality engineered fastening solutions, from 60% to 100%.
Bossard has held its stake in the Norwegian company since January 2015, and in recent years has made efforts to further develop the demanding Scandinavian markets.
Bossard's investment in Torp Fasteners is in line with the Group's strategic approach to expand its presence in the areas of branded and high-quality engineered products through targeted investments, the Group said.
Torp Fasteners' product range includes complex fastening technology made of plastic, while its other expertise include sophisticated solutions for rivets, special fasteners and locking devices for a variety of applications.
Torp supports customers in the early planning stages of product development, which is also significant for the Bossard Group. This technical expertise fits well with the Group's strategic focus to increasingly leverage its recognised engineering competence for customer projects in order to optimise the use of resources, to reduce throughput times and thereby strengthening the competitiveness of its customers.
In 2019, Torp Fasteners achieved annual sales in the region of CHF nine million.
Despite what Bossard described as a challenging economic environment towards the end of the last, the Group's Q3 worldwide sales grew 2.7% to CHF 218.5 million, compared to the previous year.
