Sandvik signs EUR 500 million loan agreement with the European Investment Bank

Rhea-AI Summary

On January 18, 2023, Sandvik signed a EUR 500 million loan agreement with the European Investment Bank to enhance its research and development (R&D) initiatives. The funding will focus on advanced solutions in component manufacturing, as well as electrification and automation in mining and infrastructure. This cooperation aims to improve sustainability, productivity, and safety across Sandvik's core industries. The loan has a seven-year tenor and supports Sandvik's R&D investment plans through 2025, reinforcing the company's commitment to technology leadership.

Positive

• Secured a EUR 500 million loan to boost R&D efforts.
• Focus on sustainability and advanced manufacturing solutions.
• Funding supports initiatives in electrification and automation.

Negative

• None.

STOCKHOLM, Jan. 18, 2023 /PRNewswire/ -- Sandvik has signed a EUR 500 million loan agreement with the European Investment Bank (EIB). The loan will support Sandvik's investments in research and development (R&D), which include advanced solutions in component manufacturing as well as solutions for electrification and automation in mining and infrastructure. 

"We have a strong strategic focus on developing solutions that improve sustainability, productivity and safety in our core industries of mining, component manufacturing and infrastructure. The EIB cooperation will support our R&D initiatives and our aim to stay at the forefront and develop our technology leadership," says Stefan Widing, President and CEO of Sandvik.

The loan has a seven-year tenor and will support Sandvik's R&D investment plans until 2025.  

Stockholm, January 18, 2023

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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https://mb.cision.com/Main/208/3699228/1788982.pdf

Sandvik signs EUR 500 million loan agreement with the European Investment Bank

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SOURCE Sandvik

FAQ

What is the purpose of Sandvik's EUR 500 million loan agreement with EIB?

The loan supports Sandvik's research and development initiatives, focusing on sustainability and advanced manufacturing solutions.

How long is the loan agreement between Sandvik and the European Investment Bank?

The loan has a seven-year tenor.

When was the loan agreement signed by Sandvik?

The loan agreement was signed on January 18, 2023.

What areas will Sandvik invest in with the EUR 500 million loan?

Sandvik will invest in R&D for component manufacturing, electrification, and automation in mining and infrastructure.

What company does the stock symbol SDVKY represent?

The stock symbol SDVKY represents Sandvik.