Welcome to our dedicated page for Sandvik Ab news (Ticker: SDVKY), a resource for investors and traders seeking the latest updates and insights on Sandvik Ab stock.
Sandvik AB (SDVKY) is a global leader in advanced mining equipment, machining solutions, and digital manufacturing technologies. This page provides investors and industry professionals with timely updates on corporate developments, strategic initiatives, and operational milestones.
Access comprehensive coverage of Sandvik's latest press releases including earnings reports, technology innovations, and global expansion efforts. Our curated news collection helps stakeholders track critical updates in mining automation, precision cutting tools, and computer-aided manufacturing (CAM) solutions.
Key areas of focus include acquisitions in industrial technology sectors, product launches for underground drilling systems, and partnerships advancing sustainable manufacturing practices. All content is verified from official sources to ensure accuracy and relevance for financial decision-making.
Bookmark this page for centralized access to Sandvik AB's corporate communications and market-moving announcements. Regularly updated to reflect the company's evolving position in engineering and industrial automation sectors.
Sandvik has decided to wind down its operations in Russia following its initial pause on February 28, 2022. This decision arises from the ongoing situation in Ukraine. A non-recurring charge of approximately SEK 1 billion will be recorded in the second quarter results, comprising a SEK 0.7 billion write-down and a SEK 0.3 billion provision for personnel costs. As of May 31, 2022, remaining assets in Russia, excluding cash, are about SEK 0.7 billion. In 2021, Russian revenues accounted for 3.6% of Sandvik's total revenues.
Sandvik has agreed to acquire 100% of Portugal-based Frezigest, SGPS (Frezite), known for its custom polycrystalline diamond tools for metal and wood applications. The acquisition aligns with Sandvik's growth strategy in machining solutions, enhancing its PCD tooling capabilities for lightweight materials. Frezite generated approximately SEK 450 million in 2021 and is expected to grow at a mid-single-digit rate. The transaction is set to close in Q3 2022, with the purchase price undisclosed. The acquisition is anticipated to have a limited yet slightly positive impact on Sandvik's earnings per share.
On June 17, 2022, Sandvik acquired Akkurate, a Finnish company specializing in holistic battery management solutions. This strategic move aims to enhance Sandvik's capabilities in electrification and battery analytics, reinforcing its status as a leader in battery-electric vehicle technology. The acquisition aligns with Sandvik's growth strategy and commitment to improving safety, productivity, and sustainability in mining operations. With 12 experts in Li-ion technology, Akkurate bolsters Sandvik's existing offerings, paving the way for advancements in battery technology.
The President of Sandvik Mining and Rock Solutions, Henrik Ager, has left the company after eight years, including three as President. CEO Stefan Widing praised Ager's contributions during a successful period for the business unit. Widing will serve as the interim President while the search for Ager's replacement begins. This leadership change may impact the strategic direction of Sandvik's Mining and Rock Solutions segment.
Anders Svensson, President of Sandvik Rock Processing Solutions, will leave Sandvik to become the President and CEO of Konecranes, effective by November 2022. Svensson has been with Sandvik since 2008 and led Rock Processing Solutions since its formation in 2021. His leadership was acknowledged as beneficial during his tenure. A search for his successor will begin following his departure. This change may impact Sandvik's leadership stability as it transitions to new management.
Sandvik, based in Sweden, has successfully raised EUR 500 million in the corporate bond market under its Euro Medium Term Note (EMTN) program. The bonds, with a maturity date of June 7, 2027, have a re-offer yield of 2.26% and were oversubscribed by three times, attracting over 60 investors. The funds will be utilized for refinancing maturing loans and general corporate purposes. The bonds will be listed on the official list of the Luxembourg Stock Exchange.
On May 20, 2022, Sandvik announced its acquisition of Preziss, a Spanish provider of cutting tools and solutions in high-precision machining. This strategic move aims to enhance Sandvik's capabilities in lightweight components for the automotive sector, particularly in aluminum manufacturing. Preziss, founded in 1971, reported revenues of approximately 10 MEUR in 2021 and operates with a neutral EBITA margin relative to Sandvik's existing operations. The acquisition is expected to close in Q3 2022 and aims to bolster Sandvik's product and service offerings in the lightweight materials sector.
Alleima, a spin-off from Sandvik AB, invites investors and analysts to its inaugural Capital Markets Day on August 23, 2022, in Sandviken, Sweden. The event aims to present the strategic direction, product offerings, and financial goals of Alleima ahead of its expected Nasdaq Stockholm listing on August 31, 2022. Participants will have the option to attend in person or online, with presentations and Q&A sessions led by the management team. Registration is required for on-site attendance, while online access does not require prior registration.
Sandvik, based in Sweden, is implementing new structural measures to enhance competitiveness and efficiency. Announced on May 17, 2022, these initiatives include consolidating production units and optimizing the sales organization, primarily in Sandvik Machining Solutions. Expected annual savings are around 600 million SEK, with full realization by 2025. Restructuring costs are anticipated at SEK 1.7 billion, with a significant portion for employee redundancies. The CEO emphasized the need for agility and operational efficiency to support strategic growth.
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