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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 Aktienbolag reported significant growth in its Second Quarter 2021 results. The order intake surged to 25,857 million SEK, showcasing a remarkable 43% organic growth. Revenues increased to 23,460 million SEK, reflecting a 22% organic growth. Operating profit soared to 4,754 million SEK with a margin of 20.3%. The profit for the period reached 3,514 million SEK, equating to earnings per share of 2.80 SEK. Furthermore, free operating cash flow improved to 3,088 million SEK.
Sandvik has signed a deal to acquire Polish manufacturer Fabryka Narzędzi FANAR S.A. to enhance its round tools offerings. The acquisition aims to strengthen Seco's product range, particularly in taps and solid threading applications, while expanding Sandvik's presence in the Polish market. In 2020, Fanar generated revenues of approximately SEK 175 million. The transaction is expected to close in Q4 2021, pending regulatory approvals. The purchase price remains undisclosed, with limited impact anticipated on Sandvik's earnings per share.
On July 12, 2021, Sandvik announced the acquisition of US-based DWFritz Automation, a leader in precision metrology and automation for advanced manufacturing. This strategic move aims to enhance Sandvik's capabilities in metrology and automation, allowing for improved quality and cost reduction across the value chain. DWFritz, with a revenue of approximately SEK 720 million (USD 78 million) in 2020 and over 2,000 systems installed globally, will strengthen Sandvik's position in high-speed, non-contact inspection technologies. The deal is expected to close in the second half of 2021, pending regulatory approvals.
Sandvik has appointed Christophe Sut as the new President of the Sandvik Manufacturing Solutions Business Area Segment and member of the Group Executive Management, effective January 1, 2022. Christophe Sut has previously served as Executive Vice President at ASSA ABLOY Global Solutions, focusing on creating digital offerings and recurring revenue streams. CEO Stefan Widing expressed confidence in Sut's leadership and experience to drive growth and add value to Sandvik's strategies moving forward.
Sandvik has successfully acquired DSI Underground, a leader in ground support products for underground mining and tunneling. The acquisition, valued at approximately EUR 943 million, is expected to slightly positively impact Sandvik's earnings per share. DSI Underground generated around EUR 516 million in revenues in 2020. The acquisition will lead to DSI Underground forming its own division within Sandvik Mining and Rock Solutions, bolstering Sandvik's market position in the sector.
Sandvik will release its second quarter results on July 16, 2021, at approximately 11.30 CEST. A combined webcast and conference call for investors and analysts will follow at 13.00 CEST, featuring the presentation by Stefan Widing, President and CEO, along with Tomas Eliasson, CFO. The presentation will be accessible via the company's website, with dial-in options provided for participants. Presentation slides will be available from 12.00 CEST on the same day.
Sandvik has entered an agreement to acquire Cambrio, a US-based CAD/CAM software provider, as part of its strategy to expand in advanced manufacturing. This acquisition will enhance Sandvik's offerings in manufacturing automation and strengthen its position in the CAM market. Cambrio reported SEK 628 million (USD 68 million) in revenue in 2020, with a slightly dilutive EBIT margin. The transaction is expected to close in the second half of 2021, subject to regulatory approvals.
Sandvik has achieved a record order intake of approximately SEK 140 million for battery-electric mining vehicles (BEVs) in June 2021, marking its highest monthly total. The orders include seven Sandvik Z50 50-ton underground haul trucks and two Sandvik LH518B 18-ton loaders from Canadian mining customers. This surge follows successful trials that demonstrated the performance capabilities of Sandvik's BEVs. President Henrik Ager expressed satisfaction with the increasing customer interest, highlighting a commitment to sustainable mining solutions.
Sandvik has announced its acquisition of South African company Kwatani, a key supplier of screens and feeders for the mining sector. This strategic move aims to enhance Sandvik's position in rock processing and expand its equipment range, particularly in Africa. Kwatani, which generated approximately 175 million SEK in revenue in 2020, will be integrated into Sandvik Rock Processing Solutions. The deal, expected to close in Q4 2021, aims to bolster Sandvik's capabilities in comminution while having a neutral initial impact on Sandvik's earnings per share.
Sandvik AB held its Annual General Meeting on April 27, 2021, via postal voting due to COVID-19. The meeting adopted the 2020 financial accounts and approved a dividend of SEK 6.50 per share, with payments starting May 4, 2021. New member Andreas Nordbrandt was elected to the Board, while Johan Molin was re-elected as Chairman. The company also initiated a long-term incentive program for 350 executives, potentially costing up to SEK 346 million. PricewaterhouseCoopers AB was re-elected as auditor. Amendments to the Articles of Association were approved, allowing postal voting.
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