SANDVIK AB S/ADR - SDVKY STOCK NEWS

Sandvik has secured a significant order from Hindustan Zinc for underground mining equipment worth approximately SEK 345 million. The order was booked in Q2 2024, with deliveries scheduled through the end of 2024. This contract strengthens the long-standing partnership between the two companies and includes development drills, production drills, trucks, and loaders. Additionally, the deal offers substantial aftermarket value, enhancing productivity, safety, and sustainability in Hindustan Zinc's operations.

Mats Eriksson, President of Sandvik Mining and Rock Solutions, expressed his satisfaction with the expanded partnership and highlighted the benefits of Sandvik's advanced mining solutions.

Sandvik has finalized the acquisition of Almü, a Germany-based cutting tools and solutions provider. Almü, founded in 1978, has 44 employees and generated approximately 6 MEUR in revenues in 2022. The acquisition will be reported in Sandvik Coromant, impacting Sandvik's EBITA margin and earnings per share minimally.

Sandvik AB held its Annual General Meeting in Sandviken, Sweden on April 29, 2024. The company reported strong revenue growth and profitability for 2023, adopting financial accounts, electing new Board members, and approving a dividend of SEK 5.50 per share. The meeting also approved a long-term incentive program for senior executives and authorized the acquisition of the company's own shares.

Sandvik has signed an agreement to acquire a majority stake in Suzhou Ahno Precision Cutting Tool Technology Co., , a leading China-based company. This acquisition strengthens Sandvik's presence in the Chinese market, particularly in the precision cutting tool segment for industries like general engineering, automotive, and medical, with a focus on electric vehicles. The transaction will see Sandvik owning 72.4% of Ahno, with the company generating revenues of approximately CNY 812 million in 2023. The enterprise value for the acquired stake is CNY 1,456 million, and the deal is expected to close in the third quarter of 2024.

Sandvik's first-quarter 2024 financial results showed a decline in order intake, revenues, and profits compared to the previous year. The company reported a decrease in adjusted EBITA margin and earnings per share. The webcast and conference call will provide further insights on the financial performance.

Sandvik secures a SEK 170 million order from Mongolyn Alt MAK for electric rotary drill rigs for the Tsagaan Suvarga Project in Mongolia. The order includes five DR410iE drills, with deliveries starting in Q2 2024 and ending by Q4 2025. Tsagaan Suvarga is Mongolia's third-largest copper and molybdenum reserve.

Sandvik acquires Almü Präzisions-Werkzeug GmbH, a Germany-based cutting tools provider, to enhance its lightweight components offering for electric vehicles. The acquisition strengthens Sandvik's position in the automotive segment.

Sandvik to Release First Quarter Results on April 22, 2024, with Webcast and Conference Call Scheduled

Sandvik Aktiebolag shareholders are called to the Annual General Meeting on April 29, 2024. The Wilhelm Haglund medal and Sandvik Sustainability Award will be awarded. Shareholders can participate in person, by proxy, or through postal voting. The agenda includes the election of the Chairman, approval of financial reports, and dividend proposals.