Sandvik Forms New Business Area – Sandvik Mining and Rock Technology

March 16, 2016

Responsive image

SANDVIKEN, Sweden–(BUSINESS WIRE)–Regulatory News:

Sandvik (STO:SAND)

Sandvik will merge its operations Sandvik Mining and Sandvik Construction into one business area – Sandvik Mining and Rock Technology.

Sandvik Mining and Rock Technology operations will be organized in a de-centralized business model with separate product areas based on the product offering. Each product area will have full responsibility and accountability for its respective business.

“Products developed for the customer segments mining and construction are based on common technologies with a similar aftermarket offering. In addition, manufacturing units are already largely shared with to some extent shared front line resources. By joining the operations into one business area we achieve a leaner and more efficient structure. The decentralized business model enables an even clearer focus and faster response to our customers”, says Björn Rosengren, Sandvik´s President and CEO.

The new structure will be effective as from 1 July 2016 and Lars Engström, currently President of Sandvik Mining has been appointed President of the new business area, Sandvik Mining and Rock Technology. Dinggui Gao, President of Sandvik Construction will leave the company as of 1 July 2016.

“I would like to take the opportunity to thank Dinggui Gao for his dedicated work in supporting the merger of the new organization. I would like to express my appreciation for his work to drive Sandvik Construction, resulting in documented improvements. I wish him all the best in his future career”, says Björn Rosengren.

Further details on the new structure will be included in the presentations at the upcoming Sandvik Capital Markets Day on 24 May 2016.

2015 Sandvik Mining and Rock Technology, continuing operations

      Q1       Q2       Q3       Q4       FY 2015    
Order intake 7 986 8 188 7 156 6 845 30 175
Invoicing 7 633 7 993 7 749 7 596 30 971
EBIT 120 1 011 947 534 2 612
EBIT % 1.6 12.6 12.2 7.0 8.4
EBIT, adjusted 905 1 011 947 813 3 676
EBIT %, adjusted 11.9 12.6 12.2 10.7 11.9

Stockholm, 16 March 2016

Sandvik AB


Sandvik Group

Sandvik is a high-tech and global engineering group offering advanced products and services that enhance customer productivity, profitability and safety. We hold world-leading positions in selected areas – tools for metal cutting, equipment and tools for the mining and construction industries, stainless materials, special alloys, metallic and ceramic resistance materials as well as process systems. In 2015, the Group had about 46,000 employees and sales of about 91 billion SEK in more than 150 countries.

This information was brought to you by Cision

Category: General