Sandvik Hard Materials purchases minority stake in Chinese metal powder company

Sandvik Hard Materials, within the Sandvik Tooling business area, has today reached an agreement to purchase a 10% equity stake in the Chinese metal powder producer Gesac. Gesac focuses mainly on producing powders in tungsten carbide and other related materials. Gesac has annual sales of approximately SEK 500 M. The company is located in Xiamen, on the coast of the Taiwan Strait. The transaction is subject to approval of the Chinese authorities. Tungsten carbide is an important material in the production of wear-resistant components, metal-cutting and mining tools. China produces approximately 80% of the annual world output of tungsten. Xiamen Tungsten Corporation and A.L.M.T Corp., a subsidiary of Sumitomo Electric Industries, are the other owners. Sandviken, 19 September 2005 Sandvik AB; (publ)

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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 sustainability. 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 industry and rock excavation within the construction industry; products in advanced stainless steels and special alloys as well as products for industrial heating. In 2019, the Group had approximately 40,000 employees and revenues of about 100 billion SEK in more than 160 countries within continuing operations.

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