Automotive fastener supplier Bulten has expanded its manufacturing facility in Taiwan after signing a new lease contract in Taipei through its affiliated company PSM Fasteners Taiwan Ltd (PSM Taiwan).
“We are continuing to move ahead with the plans we made in connection to the acquisition of PSM and this move will enable us to execute on synergies identified early on in that process,” said Anders Nyström, President and CEO of Bulten.
The lease runs for a period of five years with the option for extension. One-time transfer costs will be approximately 4 MSEK and the additional recurring lease cost will be approximately 1.8 MSEK per year.
Bulten obtained PSM Taiwan in February of this year, and has predominantly focused on producing machined, smaller dimension fasteners for automotive and non-automotive customers. In addition to increasing efficiency and employee satisfaction, PSM Taiwan will move its operations from its current location to the new site approximately 30 minutes away.
The larger facility will allow for the company to in-source a share of the components that are purchased from suppliers and utilise PSM Taiwan for production in connection with new contracts.
Bulten’s new lease comes after the company acquired newly issued shares in screw joint monitoring firm TensionCam.
