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NEWS GAZ Group and FinnvedenBulten agree JV


The Automotive Components Division of GAZ Group, a Russian manufacturer of commercial vehicles, and the international industrial group FinnvedenBulten has signing a letter of intent to establish a fasteners joint venture at the GAZ Group facilities of Gorky Automobile Plant, providing FinnvedenBulten with its first production site in Russia.


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he parties will determine the full scope of the joint venture at the end of this year, and production is planned to start in 2012. The joint venture will develop


and manufacture fasteners for the automotive industry in Russia and the CIS. It will also supply fasteners to Bulten’s global customers producing in Russia. Gorky Automobile Plant, which manufactures


fasteners for Russian customers, will provide production and distribution infrastructure. Bulten, which supplies fasteners to the global automotive industry, will provide the development for new products and technologies. “As one of the world’s foremost suppliers of


fasteners, Bulten estimates the potential of the Russian market to be significant. High import duties in Russia and high demand for quality products create great opportunities of efficient


development for local manufacturers. The experience and competence of GAZ will benefit Bulten greatly in the process of producing high-quality fasteners in Russia,” commented Tommy Andersson, CEO of Bulten. “Through the cooperation with Bulten,


the working equipment of Gorky Automobile Plant used in fasteners manufacture will be significantly upgraded. The creation of high- tech components production at GAZ aimed at a wide range of customers is provided for by the Automotive Components Division’s development strategy. Implementing this strategy, in 2010 the Division increased supplies to external customers by 70% in comparison with 2009; these include automakers, transportation companies, companies in aviation and other industries,” said Bo Andersson, president of GAZ Group.


Norma successfully refinances


Following its successful initial public offering (IPO), NORMA Group AG, a global market and technology leader in engineered joining technology, has agreed to completely refinance its credit facilities.


more than 125 million euros has a total volume of 375 million euros and matures in five years. The group of underwriters includes Commerzbank AG, SEB AG and Unicredit Bank AG. NORMA Group used 250 million euros from the credit facility in addition to 135 million euros


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realised from the capital increase in order to fully repay existing loans taken out in 2007. Among other debts, NORMA Group is paying off a mezzanine credit agreement in the amount of 53.5 million euros and the shareholder loan of about 11.9 million euros extended by 3i Investments plc. “The capital increase we realised with the IPO combined with the comprehensive refinancing


of our credit facilities has enabled us to significantly optimise our financing structure,” said Dr. Othmar Belker, chief financial officer of NORMA Group. “We are now well positioned to take full advantage of future growth trends in the international markets for engineered joining technology. With our improved cost and capital base we have established a solid foundation for sustainable, profitable growth.”


BASF increases prices


BASF has recently increased prices in Europe, Africa and western Asia for polymer dispersions as well as additives by 110 euros per metric tonne and acrylic resins and redispersible powders by 180 euros per metric tonne.


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ASF explained that the price adjustments are necessary due to significantly increased raw material costs. The products affected by the price increase are used as polymers for adhesives, fiberbonding, architectural coatings and construction chemicals.


Fastener + Fixing Magazine • Issue 69 May 2011


s a result of the IPO, the company received about 147 million euros from the capital increase. The net proceeds were used partially to pay off financial liabilities. In addition, NORMA Group agreed on a comprehensive new refinancing scheme. The credit facility consisting of a term debt of more than 250 million euros and a revolving credit facility of


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