Sandvik establishes new business area - Sandvik Rock Processing Solutions
Sandvik will establish a new business area, Sandvik Rock Processing Solutions (SRP), effective January 1, 2021. This division will encompass the current Crushing and Screening division, which is part of Sandvik Mining and Rock Technology. The move aims to enhance growth in rock processing due to differing competitive landscapes. SRP generated approximately SEK 7.4 billion in sales with a 15.9% operating profit margin in 2019. Anders Svensson is appointed as the President, while Sandvik Mining and Rock Technology will be renamed Sandvik Mining and Rock Solutions on the same date.
- Establishment of a new business area, enhancing focus on rock processing.
- Crushing and Screening division had SEK 7.4 billion in sales with a 15.9% operating profit margin in 2019.
- None.
SANDVIKEN, Sweden, Oct. 16, 2020 /PRNewswire/ -- Sandvik has decided to establish a new business area, Sandvik Rock Processing Solutions (SRP), as of 1 January 2021. The new business area will consist of the current Crushing and Screening division, which today is part of the Sandvik Mining and Rock Technology business area.
The reason for this structural change is to further accelerate profitable growth within rock processing, based on Crushing and Screening addressing separate parts of the value chain and facing different competition to the other Sandvik Mining and Rock Technology divisions.
"Sandvik is market leading within rock processing and our Crushing and Screening division is a well-performing business with exciting growth opportunities. The business is today already operating quite independently from the rest of Sandvik Mining and Rock Technology, with its own manufacturing, sourcing and aftermarket. By establishing Rock Processing Solutions as a business area we will improve transparency and strengthen our growth ambitions within the area," says Stefan Widing, President and CEO of Sandvik.
Sandvik also appoints Anders Svensson, President of the Crushing and Screening division since 2016, to President of the business area Sandvik Rock Processing Solutions and a new member of the Sandvik Group Executive Management as of 1 January 2021. Anders Svensson joined Sandvik in 2008 and has prior to his current position had several different management positions within Sandvik and in Metso Minerals.
The crushing and screening business had, as a division within Sandvik Mining and Rock Technology, about SEK 7.4 billion in sales and
Business area Sandvik Mining and Rock Technology will continue to be led by Henrik Ager and will as of 1 January 2021 change name to Sandvik Mining and Rock Solutions (SMR).
Further details will be included in the presentations at the upcoming Sandvik Capital Markets Day on 3 November 2020 and proforma numbers for both business areas will be disclosed ahead of the first interim report 2021.
Stockholm, 16 October 2020
Sandvik AB
For further information, contact Emelie Alm, Investor Relations Officer, phone: +46 79 060 8717 or Martin Blomgren, Press and Media Relations Manager, phone: +46 70 577 0549.
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SOURCE Sandvik
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