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Bulten Completes Divestment of Russian Operation
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2022-05-23
Bulten has signed an agreement to divest its Russian operation to the Russian company CAR SEATS LLC, and to redeem the Russian automotive manufacturer GAZ’s shares in the joint venture that Bulten and GAZ have owned since 2012.
“I am pleased that in a short time we have been able to reach a solution. For us this means that we can now focus fully on long-term sustainable markets,” says Anders Nyström, President and CEO of Bulten.
The purchase price corresponds to approximately SEK 10 million. The financial net effect on Bulten’s profit and loss amounts to a preliminary SEK -85 million, which will affect the company’s results for the first quarter of 2022. Apart from the transaction costs, the divestment has no effect on the cash flow. Bulten’s annual turnover will not be impacted by the divestment, since the Russian operation corresponds to just 1.6% of the company’s total annual sales.
Whilst the operation in Russia will be divested to CAR SEATS LLC, Bulten's joint venture, RUS Fasteners B.V., will redeem all the shares owned by GAZ. After GAZ’s shares have been redeemed, Bulten will become the sole owner of the business, and then intends to liquidate the company.
The divestment of the Russian operation, redemption of shares and the liquidation of the joint venture are planned to be completed shortly.
Bulten communicated on March 4 that the company was exiting its operations in Russia, due to the current situation in the country related to the war in Ukraine.
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2022-05-24
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