Bulten enters into binding agreement to divest European automotive contract manufacturing operations to Maelir AB
Bulten enters into binding agreement to divest European automotive contract manufacturing operations to Maelir AB
Bulten has entered into an agreement to divest its European automotive contract manufacturing business to Maelir AB, a Swedish investment firm, in a transaction that creates a more focused Bulten and gives the divested business a new long-term owner for its next phase of development.
Bulten AB (publ), through a subsidiary, has today entered into a binding agreement to divest its European automotive contract manufacturing operations to Maelir AB. The agreed enterprise value excluding leasing debt for the business amounts to approximately 44.5 MEUR (484 MSEK).
The divestment is subject to customary closing conditions, including required regulatory approval, and is expected to be completed no later than October 2026.
Strategic Rationale
The divestment follows the strategic review of Bulten’s operations announced on 23 June 2025 and represents an important step in the Group’s long-term transformation.
Following completion, Bulten will have a more focused portfolio and a higher share of activities within C-Parts management, sourcing and trading, distribution, value-added services and precision manufacturing.
Bulten will build further on the capabilities developed through its long industrial and automotive heritage, including quality, precision, reliability, engineering discipline and the ability to meet complex customer requirements, and apply them across a broader set of sectors and applications.
The resulting business mix is expected to reduce capital intensity, strengthen the conditions for improved cash conversion and return on capital employed over time, and allow Bulten to direct greater management attention and future investment toward selected growth opportunities.
Automotive will remain part of Bulten’s future portfolio in applications where the Group has a differentiated commercial and technical position. The retained group will also include Bulten’s full-service provider (FSP) business in the United Kingdom.
Based on 2025 historical figures, the divestment would reduce Bulten’s annual net sales by approximately 1900 MSEK, corresponding to approximately 38 percent of group net sales. Approximately 1000 employees would leave the Group as part of the transaction.
Transaction Scope
The transaction encompasses two sales and service companies in Sweden and Romania and the four legal entities located in Hallstahammar, Sweden; Bergkamen, Germany; and Bielsko-Biała and Radziechowy, Poland.
The divested companies employ approximately 1,000 people and include the customer relationships and contracts managed by the businesses within the automotive OEM and supplier segments.
Bulten will retain its FSP business in the United Kingdom and the related commercial relationships. As part of the transaction, Bulten and Maelir AB will enter into a supply agreement covering selected products for the retained UK business.
The parties will also enter into a transitional services agreement for a period of up to 12 months following completion, primarily covering IT and logistics services.
Axel Berntsson, President and CEO of Bulten AB, comments:
“This transaction marks an important step in Bulten’s transformation. The European automotive manufacturing operations form an important part of Bulten’s industrial history and have developed considerable industrial expertise and longstanding customer relationships. We are pleased to have found in Maelir AB a long-term owner with the industrial ambition to support the business in its next phase.”
“For Bulten, the transaction creates a more focused and less capital-intensive group, with a higher share of value-added activities and a clearer platform for profitable growth. The retained group will include our FSP business in the United Kingdom, the precision manufacturing business under the PSM brand and the C-Parts distribution business under the EXIM brand. Building on the capabilities developed through our long industrial heritage, including quality, precision, reliability and the ability to meet complex customer requirements, we will apply these strengths across a broader set of sectors and applications. Our immediate priority is to ensure an orderly transition for employees, customers and suppliers.”
Financial Effects
After customary adjustments for cash, debt, working capital and other agreed items, the total consideration payable to Bulten for the business is expected to amount to approximately 273 MSEK. Of this amount, approximately 41 MSEK is expected to be received in cash at or before completion and approximately 232 MSEK through a fully secured vendor note of 3 months. The final consideration will be determined at completion.
The transaction, together with the previously communicated divestment of the contract manufacturing business in Tianjin, China, and the changes to the U.S. operations, means that Bulten will have divested its global operations within automotive contract manufacturing. As a result, Bulten expects to recognize a total write-down of approximately 1060 MSEK. The transaction is expected to have a positive cash-flow effect corresponding to the total consideration.
Based on 2025 historical figures, the transaction is expected to have a positive effect on earnings per share on a pro forma basis, reflecting a stronger earnings mix in the remaining group.
The proceeds are intended to strengthen Bulten’s financial position. Over time, the transaction is also expected to support improved cash conversion and strengthen the conditions for Bulten to direct capital and management attention toward selected growth opportunities.
The divested business will be classified as assets held for sale from Q2 2026.
Brand Transition
As part of the transaction, the rights to the Bulten brand will transfer to Maelir AB at completion.
The remaining listed group will retain the right to use the Bulten name and brand for a transitional period of up to 24 months. A new corporate identity will be communicated separately once the necessary corporate approvals and registrations have been completed.
About Maelir AB
Maelir AB is a Stockholm-based investment company wholly owned by Jakob Johansson. The company has a diversified portfolio with operations in real estate, industrial businesses, shipping, and the agricultural sector.
“Maelir AB is pleased and proud to acquire a well-invested and well-managed business unit from Bulten AB.
Together with the management team and employees, we are committed to developing the company with a long-term perspective, enabling it to expand its product offering and strengthen its market position.
“We see it as a significant advantage that the company operates modern production facilities within the European Union, creating unique opportunities to supply the European manufacturing industry with critical industrial components,” says Jakob Johansson, owner and CEO of Maelir AB.
Upon completion of the acquisition, the company will be led by Dr. Markus Baum.
Conference Call for Investors, Analysts and Media
Bulten will host a conference call and webcast regarding the transaction and the Interim Report Q2 at 11.00 CET on 2026-07-10.
Axel Berntsson, President and CEO, and Anna Åkerblad, CFO, will present the transaction and answer questions.
Information for participants:
If you wish to participate in the webcast and submit written questions, please use the following link: https://www.finwire.tv/webcast/bulten/q2-2026/
If you wish to participate in the conference call and submit oral questions, please dial: +46 8 5053 9728 and use the PIN code 979 0691 7631 #.