Sandvik to propose distribution and listing of SMT to the AGM, announces the planned new name
Sandvik has proposed the distribution and listing of Sandvik Materials Technology (SMT) during the Annual General Meeting set for April 27, 2022. The planned listing on the Nasdaq Stockholm Exchange is scheduled for August 31, 2022. Subject to shareholder approval, SMT will be renamed Alleima, reflecting its focus on advanced materials technology. The leadership believes this move will enhance long-term shareholder value for both Sandvik and SMT.
- Proposed distribution and listing of Sandvik Materials Technology (SMT) could enhance shareholder value.
- New name 'Alleima' symbolizes a focus on alloy and material strengths, supporting future growth.
- None.
SANDVIKEN, Sweden, March 23, 2022 /PRNewswire/ -- The Sandvik Board of Directors has today decided to propose the distribution and listing of Sandvik Materials Technology (SMT) to the Annual General Meeting, which takes place on April 27, 2022. The listing is planned to take place on the Nasdaq Stockholm Exchange on August 31, 2022, and is expected to meet the Lex Asea requirements. Sandvik has also decided that Alleima will be the new name of SMT, provided shareholder approval to distribute and list SMT.
"We are pleased to take the next step in this process and propose the distribution and listing of SMT to the Annual General Meeting. We are convinced that this will increase long-term shareholder value, and that both Sandvik and Sandvik Materials Technology can develop more favorably on their own", says Johan Molin, Chairman of the Sandvik Board of Directors.
The name Alleima combines two core strengths of SMT's business – alloy and material – with alei, an old version of the word alloy, as the foundation.
"Alleima captures the core of what we do, our history and our unique capabilities in a great way. We believe it will serve us very well going forward as a stand alone company, and enable us to evolve our current leading position in materials technology into a market leader for the advanced materials for the future," says Andreas Nordbrandt, Chairman of the SMT Board of Directors and Göran Björkman, President of SMT.
Stockholm, March 23, 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.
This information was brought to you by Cision http://news.cision.com
The following files are available for download:
Information brochure - Alleima |
View original content:https://www.prnewswire.com/news-releases/sandvik-to-propose-distribution-and-listing-of-smt-to-the-agm-announces-the-planned-new-name-301509159.html
SOURCE Sandvik
FAQ
What is the planned listing date for Sandvik Materials Technology (SMT)?
What new name is proposed for Sandvik Materials Technology (SMT)?
When will the Annual General Meeting for Sandvik take place?
What is the expected impact of listing SMT on shareholders?
