Sandvik completes the acquisition of majority stake in China-based Suzhou Ahno

Rhea-AI Summary

Stockholm, July 1, 2024 - Sandvik has finalized the acquisition of a majority stake in Suzhou Ahno Precision Cutting Tool Technology, a leading China-based company, from Ningbo Baosi Energy Equipment and related parties. Ahno, founded in 2002 and headquartered in Suzhou, China, employs approximately 1,200 individuals. In 2023, Ahno generated revenues of around CNY 812 million (1.2 BSEK) primarily from the Chinese market. This acquisition will be integrated into Sandvik Machining Solutions. The impact on Sandvik's EBITA margin will be , but it is expected to positively affect Sandvik's earnings per share, excluding non-cash amortization effects from business combinations.

Positive

• Acquisition of Suzhou Ahno expands Sandvik's presence in the Chinese market.
• Ahno's 2023 revenues were approximately CNY 812 million (1.2 BSEK).
• The acquisition is expected to positively impact Sandvik's earnings per share.

Negative

• None.

STOCKHOLM, July 1, 2024 /PRNewswire/ -- Sandvik has completed the previously announced acquisition of a majority stake in the leading China-based company Suzhou Ahno Precision Cutting Tool Technology Co., Ltd. (Ahno) from the current majority owner, Ningbo Baosi Energy Equipment Co., Ltd and related parties. The company will be reported within the business area segment Sandvik Machining Solutions.

The company was founded in 2002, has approximately 1,200 employees and is headquartered in Suzhou, China. In 2023, the company generated revenues of approximately CNY 812 million (1.2 BSEK), mainly from China. The impact on Sandvik's EBITA margin will be limited. The impact on Sandvik's earnings per share (excluding non-cash amortization effects from business combinations) will be positive.

Stockholm, July 1, 2024
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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Sandvik completes the acquisition of majority stake in China-based Suzhou Ahno

 

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SOURCE Sandvik

FAQ

What company did Sandvik acquire a majority stake in?

Sandvik acquired a majority stake in Suzhou Ahno Precision Cutting Tool Technology.

When did Sandvik complete the acquisition of Suzhou Ahno?

Sandvik completed the acquisition on July 1, 2024.

What is the revenue of Suzhou Ahno in 2023?

Suzhou Ahno generated approximately CNY 812 million (1.2 BSEK) in 2023.

How will the acquisition of Suzhou Ahno impact Sandvik's earnings?

The acquisition is expected to positively impact Sandvik's earnings per share, excluding non-cash amortization effects from business combinations.

How many employees does Suzhou Ahno have?

Suzhou Ahno has approximately 1,200 employees.