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Sandvik AB S/ADR (SDVKY) is a global high-tech engineering group known for offering cutting-edge tools, solutions, and services for a variety of industries, including mining, construction, and manufacturing.
The company recently made headlines by acquiring Almü and Ahno, two leading cutting tools and solutions providers, to strengthen its position in lightweight materials and expand its presence in China. Sandvik also secured significant orders for electric rotary drill rigs in Mongolia and underground mining equipment in India.
With a strong focus on innovation, sustainability, and customer satisfaction, Sandvik continues to lead the industry with its advanced engineering competence and tailor-made precision tool solutions.
Sandvik has pledged to establish targets aligned with the Science Based Targets initiative (SBTi) to address climate change in line with the Paris Agreement. This commitment is part of Sandvik's sustainability strategy, which aims for a 50% reduction in greenhouse gas emissions by 2030. By joining the SBTi, Sandvik will validate its sustainability goals against scientific standards. The initiative requires halving emissions by 2030 and reaching net zero by 2050. The CEO emphasized the importance of sustainability for business growth and societal impact.
Sandvik has successfully completed its acquisition of Kwatani, a South African company specializing in screens and feeders for the mining industry. In 2020, Kwatani reported revenues of approximately 175 million SEK with an EBIT margin that is slightly dilutive to Sandvik's Rock Processing Solutions. Initially, the acquisition is expected to have a neutral impact on Sandvik's earnings per share. Kwatani will be integrated into Sandvik's Stationary Crushing and Screening division.
Sandvik has agreed to acquire Australian mine planning software provider Deswik, aiming to enhance its digitalization offerings within the mining sector. Deswik, with over 10,000 licenses and strong financial growth, will become part of Sandvik's new Digital Mining Technologies division. The acquisition is expected to fill a critical gap in Sandvik's offerings, promoting end-to-end optimization solutions. Deswik's revenue reached AUD 79 million with a 30% EBITA margin, and the transaction is set to close in Q1 2022, subject to regulatory approval.
Sandvik has signed an agreement to acquire ICAM Technologies Corporation, a Canadian software provider specializing in CAM data solutions for CNC machining. The acquisition, expected to close in Q4 2021, aligns with Sandvik's strategy to enhance its offerings in verification and optimization in manufacturing processes. ICAM reported approximately SEK 30 million in revenues with a 25% EBITA margin in 2020. This integration will strengthen Sandvik's position in the market, benefitting its value proposition across various industries including aerospace, automotive, and general engineering.
Sandvik has announced its agreement to acquire GWS Tool Intermediate Holdings LLC, a US-based manufacturer of round tools, from L Squared Capital Partners and GWS management. The acquisition aims to enhance Sandvik's machining solutions business, increasing market share in round tools and expanding its North American presence. GWS, expected to generate revenues of approximately SEK 875 million for 2021, will complement Sandvik's existing product offerings, particularly in the general engineering and aerospace markets. The transaction is set to close in Q4 2021, subject to regulatory approvals.
Sandvik has successfully raised EUR 500 million in the corporate bond market through its Euro Medium Term Note (EMTN) program, achieving a re-offer yield of 0.47% with a maturity date of November 25, 2028. The bond offering was oversubscribed 4 times, with placements made to over 110 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.
Sandvik has signed an agreement to acquire Gerling GmbH, a German precision tube engineering company, enhancing its presence in the hydrogen market. This strategic acquisition aims to leverage innovative engineering solutions for hydrogen refueling stations and strengthen Sandvik’s capabilities in high-precision tubing, particularly for medical applications. The transaction, whose financial details remain undisclosed, is anticipated to close in Q1 2022 and is expected to have a neutral impact on Sandvik's earnings per share initially.
Sandvik announced plans to propose the distribution and listing of its business area, Sandvik Materials Technology (SMT), at a shareholder meeting in 2022, targeting a listing on Nasdaq Stockholm in Q2 or Q3 2022. The Board appointed Andreas Nordbrandt as Chairman and named Claes Boustedt and Karl Åberg to the SMT Board. These appointments aim to ensure effective governance and strategic direction for the new company as it prepares for its upcoming market debut.
Sandvik has finalized its acquisition of Fabryka Narzędzi FANAR S.A., a Polish manufacturer of round tools, enhancing its market presence. In 2020, FANAR reported revenues of approximately SEK 175 million. The financial impact on Sandvik's earnings per share is expected to be minimal. This acquisition will be integrated into Seco, a division of Sandvik's Manufacturing and Machining Solutions business area, reflecting a strategic move to strengthen product offerings and operational capabilities.
Sandvik AB reported strong performance in its third quarter 2021 with order intake soaring to SEK 26,292 million, reflecting a remarkable organic growth of 21%. Revenues also increased to SEK 24,826 million, with organic growth of 13%. Adjusted EBITA reached SEK 4,731 million, representing a margin of 19.1%. Profit after net financial items stood at SEK 4,437 million, driving earnings per share to SEK 3.12. Free operating cash flow was SEK 3,940 million, a slight decrease from the previous year.
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