Sandvik acquires remaining shares in Sandvik Choksi Ltd in India

Sandvik acquires remaining shares in Sandvik Choksi Ltd. in India Sandvik has acquired the remaining 49% of the shares in Sandvik Choksi Ltd. from the Indian company Choksi Tube Company Ltd. Sandvik has owned 51% of the shares since the company was founded in 1996. As a result of the acquisition, Sandvik further strengthens its position in India and in the other Asian markets for extruded seamless, stainless tube. Sandvik Choksi Ltd.'s operations are based in Mehsana, Gujarat. Sales in 2000 were SEK 30 M, with about 200 employees. In conjunction with the acquisition, the company changes name to Sandvik Steel Asia Pvt. Ltd. The acquisition is part of Sandvik's growth strategy within expanding product and market areas. Sandvik Steel Asia Pvt. Ltd. works mainly on the growing Indian market, but export sales are increasing. "The plant meets the highest international standards for production technology, productivity and quality. As a result of the company now becoming a wholly owned subsidiary, the plant can be integrated into Sandvik's global production network," says Lars Pettersson, President of Sandvik Steel. Sandviken, 9 March 2001 Sandvik AB; (publ) For additional information, contact Lars Pettersson, President, Sandvik Steel, +46 26 26 36 28. Sandvik is a high-technology engineering group with advanced products and world-leading positions in selected areas - tools for metalworking, machinery and tools for rock excavation, stainless steel, special alloys and resistance heating materials and process systems. The Group has 35,000 employees in 130 countries, with annual sales of approximately SEK 44 billion. Sandvik Steel is a sector within Sandvik Specialty Steels business area and a world-leading manufacturer of highly refined products: tube, strip, wire and bar, produced in stainless steel and 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/2001/03/09/20010309BIT00070/bit0002.doc http://www.bit.se/bitonline/2001/03/09/20010309BIT00070/bit0002.pdf