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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 appointed Mats Eriksson as President of Sandvik Mining and Rock Solutions, effective October 1, 2022. Eriksson, who has led the Load and Haul division, is credited with driving growth and advancing battery-electric vehicle initiatives. His international experience includes leadership roles in multiple countries. CEO Stefan Widing expressed confidence in Eriksson's ability to foster strong leadership and organizational performance in the new role.
Sandvik has successfully raised EUR 500 million through its Euro Medium Term Note (EMTN) program, with a re-offer yield of 3.90% and a maturity date set for September 27, 2029. The bond offering was oversubscribed 2.9 times, attracting more than 80 investors. The funds are intended for refinancing maturing loans and general corporate purposes. Nordea, Danske Bank, Citibank, and Deutsche Bank served as joint bookrunners for this transaction, which will be listed on the Luxembourg Stock Exchange.
On September 16, 2022, Sandvik AB announced the appointment of its Nomination Committee for the 2023 Annual General Meeting scheduled for April 27, 2023. The committee includes members from the four principal shareholders and the Chairman of the Board, Johan Molin. Key responsibilities involve preparing proposals for Board member elections and auditor appointments. Shareholders can submit proposals to the committee's Secretary, Åsa Thunman, by January 16, 2023. In 2021, Sandvik generated revenues of approximately 86 billion SEK, employing around 39,000 people globally.
Sandvik has finalized the acquisition of Portugal-based Frezite, known for its polycrystalline diamond (PCD) tools used in metal and wood applications. Frezite generated revenues of approximately SEK 450 million in 2021, though its EBITA margin is slightly dilutive to Sandvik's Manufacturing and Machining Solutions. The acquisition aims to enhance Sandvik's capabilities in key sectors such as automotive and aerospace, with a limited but positive impact on Sandvik's earnings per share.
Alleima, a global manufacturer of advanced stainless steels and special alloys, commenced trading on Nasdaq Stockholm on August 31, 2022. This transition marks Alleima's independence after being part of Sandvik. The Annual General Meeting of Sandvik AB decided on April 27, 2022, to distribute shares of Alleima to its shareholders, with a ratio of one Alleima share for every five Sandvik shares held as of August 29, 2022. The total outstanding shares in Alleima AB are 250,877,184. Alleima is listed under the ticker 'ALLEI'.
Sandvik has completed the acquisition of 100% of Sphinx Tools Ltd and its subsidiary P. Rieger Werkzeugfabrik AG, a Swiss manufacturer of precision solid round tools and surgical cutting tools. This strategic move aims to strengthen Sandvik's position in the high-growth micro tools market, enhancing its offerings within the Sandvik Coromant division. Sphinx Tools, founded in 1994, had revenues of approximately 292 MSEK in 2021. While the financial impact on Sandvik's earnings per share is expected to be slightly positive, the purchase price remains undisclosed.
Sandvik AB announced its decision to distribute all shares of its subsidiary Alleima AB to shareholders. The record date for this distribution is set for August 29, 2022, with trading of Alleima expected to commence on August 31, 2022. Shareholders will receive one share in Alleima for every five Sandvik shares held. The last day to trade Sandvik shares, including the right to Alleima shares, is August 25, 2022.
On August 2, 2022, Sandvik announced the acquisition of Balax, a US-based supplier of carbide and HSS cut taps, enhancing its offerings in the North American market. Balax, with 66 employees, reported revenues of $10 million in 2021. This acquisition aligns with Sandvik's growth strategy and will be integrated into Walter, a division focused on manufacturing and machining solutions. The impact on Sandvik's EBITA margin and earnings per share is projected to be limited, reinforcing the strategic importance of this acquisition.
Sandvik has secured a SEK 330 million order to provide battery-electric trucks, loaders, and drills for Foran Mining's McIlvenna Bay project in Saskatchewan, Canada. This project aims to be the world's first carbon-neutral copper development and is scheduled for equipment delivery between 2023-2025. The order, Sandvik's largest for battery-electric equipment, will enhance sustainable mining practices by utilizing clean hydroelectric power and advanced technology. Sandvik's Battery as a Service will optimize the lifecycle management of the electric vehicles.
Sandvik has appointed Richard Harris as the new President of the Rock Processing Solutions (SRP) business area, effective October 1, 2022. He succeeds Anders Svensson, who is leaving to lead Konecranes. Harris, with over 20 years at Sandvik, previously served as President of Walter and has a robust operational background. His leadership is expected to drive growth and strengthen the management team. Svensson's departure is set for October 14, 2022, after completing the third-quarter report.
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