Sandvik Initiates an Internal Separation of Sandvik Materials Technology
SANDVIKEN, Sweden, May 6, 2019 /PRNewswire/ -- Sandvik Board of Directors has decided to initiate an internal separation of the business area Sandvik Materials Technology. The intention is to increase Sandvik Materials Technology's structural independence from the Sandvik Group and thereby put greater focus on the business' future development possibilities as well as create flexibility. The Board of Directors has also decided to explore the possibility of a separate listing (Lex Asea) at the Nasdaq Stockholm Exchange, should that strengthen Sandvik Materials Technology's position and future development.
"The decision to initiate an internal separation of Sandvik Materials Technology is based on the board's belief that each part will develop more favorably by itself, increasing opportunities for profitable growth and improving long-term shareholder value," says Johan Molin, Chairman of the Sandvik Board of Directors.
"Sandvik Materials Technology represents the origin of Sandvik and great businesses have sprung out of it to shape the current structure. It is my view that a separation will allow full focus on Sandvik Materials Technology's key strengths and its further improved performance," says Björn Rosengren, President and CEO of Sandvik.
The separation and preparation for a possible listing is expected to take at least a year. There is no guarantee that a decision to finally list Sandvik Materials Technology will be taken. More details will be provided in due course.
A webcasted press conference for media and investors is held today starting at 15.00 CET in room New York, World Trade Center, Stockholm, Sweden.
After the press conference Björn Rosengren, President and CEO of Sandvik, and Göran Björkman, President of Sandvik Materials Technology, will be available for media interviews.
Access the webcast via https://sandvik-live.creo.se/190506/ or call in using the dial in details below:
SE: +46-8-505-58-368
UK: +44-333-300-9263
US: +1-646-722-4904
Stockholm, 6 May 2019
Sandvik AB
For further information, contact
Ann-Sofie Nordh
Vice President Investor Relations
phone: +46-8-456-14-94
Martin Blomgren
Press and Media Relations Manager
phone: +46-70-577-0549.
This information is information that Sandvik AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at about 13.00 CET on 6 May 2019.
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separation of Sandvik
Materials Technology
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SOURCE Sandvik
