Restructuring of spring wire production at Sandvik Steel
Restructuring of spring wire production at Sandvik Steel Sandvik Steel has decided to initiate negotiations regarding a restructuring of spring wire production to enhance the efficiency of operations and increase profitability. Manufacturing of standard products will be concentrated to Sandvik Steel's Gusab Stainless AB subsidiary in Mjölby, Sweden, since this facility is optimized for handling large volumes. Consequently, the production of standard products previously carried out at Sandvik Steel in Sandviken, Sweden, will be transferred to Gusab. Manufacturing of special products will be concentrated to Sandviken, concurrent with spring wire production at the Sandviken mill being integrated with the manufacturing of precision wire. The restructuring results in an excess of about 20 persons at Sandvik Steel in Sandviken and a somewhat increased need for personnel at Gusab. The redundancy of personnel will be resolved to the greatest extent possible within the company. The restructuring is expected to be fully completed before September 2001. "These measures are part of the ongoing program of change aimed at increasing efficiency and restructuring production capacity within Sandvik Steel," says Lars Pettersson, President of Sandvik Steel. Sandviken, 12 February 2001 Sandvik AB; (publ) For additional information, contact Lars Pettersson, President of Sandvik Steel, +46 26 26 36 28. Sandvik is a high-technology engineering group with advanced products and world-leading positions in selected niches - tools for metalworking, machinery and tools for rock excavation, stainless steel, special alloys and resistance heating materials and process systems. The Group has 34,000 employees at 300 companies in 130 countries, with annual sales of approximately SEK 40 billion. Sandvik Steel is a sector within the Sandvik Specialty Steels business area and a world-leading manufacturer of highly refined products, tube, strip, wire and bar, in stainless steel and in special alloys. Annual sales are approximately SEK 8,400 M, with 7,000 employees. ------------------------------------------------------------ This information was brought to you by BIT http://www.bit.se The following files are available for download: http://www.bit.se/bitonline/2001/02/12/20010212BIT01020/bit0002.doc http://www.bit.se/bitonline/2001/02/12/20010212BIT01020/bit0002.pdf