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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.
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.
Sandvik has secured a SEK 135 million order for mining equipment from Canadian gold mining company New Gold. This order includes four battery-electric vehicles (BEVs), specifically Sandvik LH518B loaders, to be utilized at the New Afton underground gold-copper mine in British Columbia. The mine has previously operated a Sandvik LH518 loader for over two years in a trial, leading to improved cycle times and reduced heat, noise, and greenhouse gas emissions. Mats Eriksson, President of Sandvik Mining and Rock Solutions, noted this expansion highlights the advantages of their equipment in terms of productivity, safety, and sustainability.
On January 20, 2023, Sandvik Aktiebolag reported strong Q4 2022 results with an 11% revenue growth, reaching
On January 18, 2023, Sandvik signed a EUR 500 million loan agreement with the European Investment Bank to enhance its research and development (R&D) initiatives. The funding will focus on advanced solutions in component manufacturing, as well as electrification and automation in mining and infrastructure. This cooperation aims to improve sustainability, productivity, and safety across Sandvik's core industries. The loan has a seven-year tenor and supports Sandvik's R&D investment plans through 2025, reinforcing the company's commitment to technology leadership.
Sandvik will release its fourth quarter results on January 20, 2023, at 08:00 AM CET. The results will be discussed in a combined webcast and conference call at 10:00 AM CET, featuring CEO Stefan Widing and CFO Cecilia Felton. Presentation slides will be accessible from 9:30 AM CET on their website. Interested parties can join via dial-in numbers provided for Sweden, the UK, and the US. For more details, contact Louise Tjeder or Johannes Hellström.
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