Bulten, a suppliers of fasteners to the European automotive industry, announced that it will coordinate its U.S. operations with newly acquired PSM International — moving the two operations to a newly built, joint building in Ohio.
The purpose is to expand in the local North American market and achieve coordination gains. The new plant will be located in Streetsboro, Ohio, between Bulten’s current plant in Hudson and PSM’s in Youngstown. Bulten recently signed a 12-year agreement of approximately $1 million per year for the lease of the premises.
The relocation starts in the spring of 2020 and is expected to be completed in the fall of the same year.
“With this relocation, we are strengthening our position in the US while also achieving coordination gains and ensuring capacity to handle future growth,” says Anders Nyström, president and CEO of Bulten.