FinnvedenBulten focuses entirely on fasteners for the automotive industry and divests Finnveden Metal Structures to American Shiloh

FinnvedenBulten AB has signed an agreement with Shiloh Industries Inc., a US supplier to the automotive industry and general industries, concerning the sale of the Finnveden Metal Structures (FMS) division. The purchase price for all shares in FMS amounts to SEK 372 million and will be paid in cash on the planned closing date on 30 June 2014. The price corresponds to a purchase price of SEK 490 million on a debt free basis.   In connection with the implementation of the takeover, Tommy Andersson, presently President of Bulten AB, will become President and CEO of FinnvedenBulten AB. Johan Westman, presently President and CEO of FinnvedenBulten AB, will take up a position in the executive management team of the Shiloh Group as head of the European operations with continued responsibility for FMS.“Through the sale of FMS, FinnvedenBulten’s business will be entirely focused on the fast growing and international fastener business.,” says Roger Holtback, Chairman of the Board of FinnvedenBulten. (source: FinnvedenBulten)