Gothenburg, Sweden-based Bulten, a leading supplier of fasteners to the international automotive industry, has, through its joint venture in Russia, signed another contract to supply fasteners to a major Russian vehicle manufacturer. The annual order value is approximately EUR 700,000 (approximately $792,000 USD) and deliveries will continue over a number of years, with production starting and ramping up during 2017. Full production volume is expected to be reached in 2018.

“With this contract, we have made a significant breakthrough in the Russian market and further strengthened our position as manufacturer of high-quality fasteners. We see good opportunities to continue to grow the business and increase our market share,” said Tommy Andersson, president and CEO of Bulten. 

Deliveries are expected to start in the second quarter 2017, and to gradually increase up to full capacity in 2018. After that, deliveries will continue over a number of years related to the life span of the vehicle, which is normally between five to 10 years, with a gradual slowdown as the contract nears its end.