In addition, the company completed three strategic acquisitions. One was TI Midwood & Co of Nantwich, Cheshire, trading as TIMCO, a parts trading company and a one-stop-shop for independent merchants in the construction industry. It is headquartered in Nantwich, Cheshire, UK, with an additional sales office in Monaghan, Ireland. Two others are European construction-focused parts distributors: CDA Polska of Poland and Pajo Bolte of Denmark.
In an annual report, President and CEO Erik Lundén said: “Our market share has continuously increased in recent years and our intention is to continue to grow, both organically and through acquisitions. We assess that a considerable part of the market will continue to consolidated in the long run, and that this market consolidation will result in fewer but larger players with a global presence and with the ability to guarantee sustainability throughout the supply chain.
“During the year, we undertook intensive work on integrating the recent acquisitions, with a priority of realising growth synergies high on the agenda. We have also continued to develop our operations long term by both broadening our customer offering and increasing our degree of digitalisation and productivity.
“Bufab shall take a leading position when it comes to sustainability within C-parts. This means that we will integrate sustainability in our internal processes as well as throughout our external supply chains. During the quarter, our climate goals under the Science Based Targets initiative were validated. Through this, we commit to work for significant reductions in our carbon emissions from our operations and supply chain going forward.
Given the geopolitical and macroeconomic situation, there is great uncertainty ahead of 2023 and we have noted increased caution among our customers in certain industrial segments. During the end of 2022, we have prepared our operations for potentially more difficult times and subsequently lower demand. At the same time, a weaker economy creates favourable conditions for a strong player such as Bufab to capture market shares, as customers increase their focus on reducing their indirect costs, many times within C-Parts.”
