Sandvik announces first three members of the Board of SMT - the new company planned to be listed in 2022
Sandvik announced plans to propose the distribution and listing of its business area, Sandvik Materials Technology (SMT), at a shareholder meeting in 2022, targeting a listing on Nasdaq Stockholm in Q2 or Q3 2022. The Board appointed Andreas Nordbrandt as Chairman and named Claes Boustedt and Karl Åberg to the SMT Board. These appointments aim to ensure effective governance and strategic direction for the new company as it prepares for its upcoming market debut.
- Appointment of experienced board members for SMT, enhancing governance.
- Targeted listing of SMT expected to provide greater focus and potentially unlock shareholder value.
- Listing contingent on shareholder approval, introducing uncertainty about execution timeline.
SANDVIKEN, Sweden, Nov. 9, 2021 /PRNewswire/ -- As previously communicated, the Sandvik Board intends to formally propose the distribution and listing of its business area Sandvik Materials Technology (SMT) at a shareholders' meeting next year, with the target to complete the listing in the second or third quarter of 2022, subject to shareholder approval. The listing is planned to be made at the Nasdaq Stockholm Exchange.
As part of this process, the Sandvik Board of Directors has appointed Andreas Nordbrandt as Chairman of the Board of SMT. Additionally, Claes Boustedt and Karl Åberg have been appointed as members of the SMT Board of Directors. Additional members of the SMT Board will be appointed at a later stage to fulfil any requirements and ensure a suitable board composition.
Andreas Nordbrandt, born 1971, holds a M.Sc. in Mechanical Engineering and Hydraulics and is a member of the Sandvik AB Board of Directors. He has extensive operative experience from a global industrial environment, particularly within international mining. He worked at Atlas Copco Group and Epiroc Group 1995-2018, where he held several leading positions.
Claes Boustedt, born 1962, holds a M.Sc. in Business and Economics and is a member of the Sandvik AB Board of Directors as well as Chairman of the Audit Committee. He has been Executive Vice president of L E Lundbergföretagen AB since 1997 and President of L E Lundberg Kapitalförvaltning AB since 1995. He is also a Board member of Hufvudstaden AB and Förvaltnings AB Lunden.
Karl Åberg, born 1979, holds a M.Sc. in Economics and Business Administration and has been Head of Investments and Analysis at Industrivärden AB since 2017. His previous experience includes being partner at Zeres Capital, where he was also a co-founder, and partner at Capman Public Market.
Stockholm, November 9, 2021
Sandvik AB
For further information, contact Louise Tjeder, VP Investor relations, phone: +46 (0) 70782 6374 or Johannes Hellström, Press and Media Relations Manager, phone: +46 (0) 70721 1008.
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SOURCE Sandvik
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