Sandvik divests conveyor components as the final step in exiting Mining Systems
Sandvik has signed an agreement to divest the conveyor components’ parts of the Mining Systems business, including the closely related specialist conveyor systems business in Hollola (Finland), to NEPEAN Conveyors Pty Ltd, a privately owned Australian based company.
As announced on 12 July 2017, Sandvik signed an agreement to divest the project business in Mining Systems to FLSmidth.
By divesting also the conveyor components’ operations the exit from Mining Systems will be fully executed.
“I am pleased that we now have completed our plan enabling us to further focus on Sandvik’s core businesses. NEPEAN is a truly suitable new owner as they have an ambition to continue to develop this offering”, says Björn Rosengren, President and CEO of Sandvik.
Mining Systems is a supplier of design and engineering of material handling systems with annual sales 2016 of 2.9 billion SEK, of which the conveyor components’ parts corresponded to about 20%.
The closing of the transaction is expected by the end of 2017 and is subject to regulatory approvals.
Mining Systems will continue to be reported in discontinued operations. The transaction will have no or limited impact on earnings per share.
For further information, contact Ann-Sofie Nordh, Vice President Investor Relations, phone: +46 8 456 1494 or Pär Altan, Vice President External Communications, phone: +46 70 616 2024.
Stockholm, 17 July, 2017
Sandvik AB
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Sandvik Group
Sandvik is a high-tech and global engineering group offering products and services that enhance customer productivity, profitability and safety. We hold world-leading positions in selected areas – tools and tooling systems for metal cutting; equipment and tools, service and technical solutions for the mining and construction industries; products in advanced stainless steels and special alloys as well as products for industrial heating. In 2016, the Group had approximately 43,000 employees and sales of 82 billion SEK in more than 150 countries within continuing operations.
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