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FinnvedenBulten (Sweden) has announced that it has signed a definitive agreement with Gorky Automobile Group on the formation of a joint venture company. The two companies will manufacture automotive fastener products in Russia through the Gorky Automobile Plant.
Vanten Buddington's Bulten (Bulten) will invest 7 million euros in the new company, thus becoming the company's largest shareholder. The new company is expected to be operational by the end of 2013 and will develop and produce fastener products for the automotive industry in Russia and the CIS countries.
Buerton Company stated that the Gorky Automobile Factory will provide the joint venture company with production infrastructure for both parties, and Buhler will be responsible for the development of new products, new technologies and sales networks. The cooperation still needs to be approved by the relevant regulatory authorities. .
CEO of Brotomeau CEO Tommy Andersson said: “The Russian market has great potential. After the two parties signed the letter of intent in the spring of 2011, we noticed that many new and old customers showed strong interest. The establishment of a production plant in Russia by international OEMs is a general trend.â€
Feng Wandun Bulton Co., Ltd. mainly provides metal materials products, technology solutions and systems. The company has two business units - Feng Wandeng Business Unit and Bu Welton Business Unit. The latter mainly provides fastener products for the automotive industry. .