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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 Aktiebolag has announced its Annual General Meeting (AGM) scheduled for April 27, 2023, at 4:00 PM in Sandviken, Sweden. Shareholders can participate either in person or by postal voting, with registration required by April 21, 2023. Key agenda items include the election of board members, approval of the 2022 financial statements, and the proposal for a dividend of SEK 5.00 per share, record date May 2, 2023. The meeting will also discuss a long-term incentive program for management and the authorization for share buybacks. The total number of shares in the company is 1,254,385,923.
Sandvik AB has released its Annual Report for 2022, now available on its company website. The report will be distributed to shareholders who have requested it. Sandvik reported approximately 40,000 employees and revenues of about 112 billion SEK across 150 countries in 2022. The company emphasizes its role in providing high-tech engineering solutions to enhance productivity, profitability, and sustainability in manufacturing, mining, and infrastructure industries. The report was published under the obligations of the Securities Market Act and is accessible for download.
Sandvik has announced a significant investment of SEK 350 million to establish a new production unit in Malaysia for manufacturing underground loaders and trucks. The factory will begin operations in the fourth quarter of 2023 and will focus on meeting the growing demand for battery-electric vehicles (BEVs) in the mining sector. In addition to BEVs, the facility will produce conventional equipment and battery cages. This investment will enhance Sandvik's capacity to serve its customers in the Asia Pacific region with improved lead times and adhering to high quality and safety standards.
Sandvik has appointed Sofia Sirvell as Chief Digital Officer (CDO) effective March 1, 2023. Previously serving as Chief Information Officer (CIO), Sirvell will focus on enhancing digital capabilities and customer offerings across the group. Her experience includes a key role in digital transformation at H&M Group. Additionally, Jessica Alm, Executive Vice President and Head of Group Communications, will leave to join Essity by August 2023, after a significant tenure at Sandvik since 2006. CEO Stefan Widing expressed confidence in Sirvell's contributions and recognized Alm's impact.
On February 15, 2023, Sandvik has been awarded a contract to supply a fleet of 19 battery-electric vehicles (BEVs) to Rana Gruber for its iron ore operations in Norway, valued at approximately SEK 370 million. About 85% of the total value will be recorded in Q1 2023, with deliveries starting in the same quarter and extending through 2024. This initiative supports Rana Gruber's goal of achieving a carbon-free iron ore mine by 2025, contributing to reduced CO2 emissions and improving the work environment. Sandvik's CEO emphasized the demand for their battery-electric solutions as a strategic priority for sustainable mining.
Sandvik AB announces the departure of Christophe Sut, President of Sandvik Manufacturing Solutions, who will leave the company on August 11, 2023, to take on a CEO role elsewhere. Sut has significantly contributed to enhancing Sandvik's digital manufacturing capabilities. CEO Stefan Widing expressed regret over Sut's departure but acknowledged the company's strength in developing leaders. With approximately 40,000 employees and revenues nearing 112 billion SEK in 2022, Sandvik continues to focus on optimizing manufacturing and mining processes.
On February 1, 2023, Sandvik acquired 95% of PMT Premier Machine Tools Limited, an Irish company specializing in machining solutions for the medical sector. This acquisition aligns with Sandvik's strategy to enhance its presence in the growing medical market, allowing for full machining solutions from design to verification. PMT, founded in 2000, reported revenues of approximately SEK 120 million in 2022 and has a neutral EBITA margin impact on Sandvik. The purchase price remains undisclosed, but the acquisition is expected to empower Sandvik's expansion into selected markets.
On February 1, 2023, Sandvik finalized its acquisition of Polymathian Industrial Mathematics, an Australian firm known for advanced mine optimization software. This strategic move positions Polymathian within Sandvik's Digital Mining Technologies division. The acquisition is anticipated to enhance Sandvik's revenue, with Polymathian generating approximately SEK 100 million in annual revenues as of June 2022, alongside a robust 40% EBITA margin. Notably, the acquisition is projected to be accretive to Sandvik's earnings per share, signaling a positive outlook for shareholders.
On November 28, 2023, Sandvik Mining and Rock Solutions will hold its Capital Markets Day at a major site in Tampere, Finland. The event will begin with a casual dinner on November 27 and will include presentations by the CEO, CFO, and business management, as well as a site tour. This event aims to update institutional investors, financial analysts, and media on Sandvik's strategy and key achievements. Further details and registration information will be provided later. For inquiries, contact Louise Tjeder or Johannes Hellström.
On January 26, 2023, Sandvik AB's Nomination Committee proposed the re-election of current Board members, including Johan Molin as Chairman, ahead of the Annual General Meeting scheduled for April 27, 2023, in Sandviken, Sweden. The committee comprises notable industry figures, including Fredrik Lundberg from AB Industrivärden and Anna Magnusson from Alecta. The announcement underscores the continuity of Sandvik's leadership, aligning with its strategic focus on enhancing productivity and sustainability across its global operations, with 2022 revenues reported at approximately 112 billion SEK.
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