FinnvedenBulten has confirmed it has signed a term sheet with Russian company Gaz Group whereby it intends investing approximately 6.6 million euros in return for a 63 percent ownership in a new joint venture company that will supply fasteners to the automotive industry in Russia.
The joint venture was first mooted last year. At that time the prospective partners said the agreement would provide FinnvedenBulten with its first production site in Russia. As well as supplying the domestic automotive sector it was planned that fasteners would also be exported to Bulten’s global customer base. (…)
