Sandvik completes the acquisition of the tube engineering solutions company Gerling GmbH

Rhea-AI Summary

Sandvik has finalized its acquisition of Gerling GmbH, a precision tube engineering firm based in Germany, specializing in the hydrogen market. This acquisition includes innovative solutions for high-pressure control technology used in hydrogen refueling stations. In 2020, Gerling reported revenues of approximately SEK 90 million and a neutral EBIT margin with Sandvik Materials Technology. Gerling will operate under Sandvik's Tube division, further enhancing Sandvik's capabilities in the fast-developing hydrogen sector.

Positive

• Acquisition enhances Sandvik's position in the hydrogen market.
• Expected revenue contribution from Gerling's SEK 90 million in 2020.

Negative

• None.

SANDVIKEN, Sweden, Feb. 15, 2022 /PRNewswire/ -- Sandvik has completed the previously announced acquisition of the German based company Gerling GmbH, a precision tube engineering company serving multiple industries including the fast-developing hydrogen market. The offering includes innovative engineering solutions, such as high-pressure control technology in hydrogen refueling stations.

In 2020, the company had revenues of approximately SEK 90 million and an EBIT margin neutral to Sandvik Materials Technology.

The company will be reported in Tube, a division within Sandvik Materials Technology.

Stockholm, February 15, 2022

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 aquisition of Gerling

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SOURCE Sandvik

FAQ

What is the significance of Sandvik's acquisition of Gerling GmbH?

The acquisition enhances Sandvik's capabilities in the growing hydrogen market and includes innovative high-pressure control technology.

What were Gerling GmbH's revenues prior to being acquired by Sandvik?

Gerling GmbH reported revenues of approximately SEK 90 million in 2020.

When did Sandvik complete the acquisition of Gerling GmbH?

Sandvik completed the acquisition on February 15, 2022.

Under which division will Gerling GmbH operate after the acquisition?

Gerling GmbH will operate under the Tube division of Sandvik Materials Technology.

How does the acquisition impact Sandvik's market position?

The acquisition strengthens Sandvik's position in the fast-developing hydrogen sector, potentially leading to increased market share and revenue growth.