Sandvik Steel plans to discontinue tube production in UK
Sandvik Steel plans to discontinue tube production in UK Sandvik Steel today announced plans to discontinue production of seamless stainless steel tube at its Sterling Tubes subsidiary in the UK and transfer production to its main plant in Sandviken, Sweden, and to other units within the Sandvik Group. The intended closure, which is scheduled for August 2001, at Sterling Tubes' manufacturing sites at Walsall and Chesterfield, affects a total of about 250 employees. Sterling Tubes' sales office will be retained as well as the Sterling Tubes brand name. "These measures are part of the previously announced program of change, which is aimed at enhancing efficiency and restructuring production capacity within Sandvik Steel," says Lars Pettersson, President of Sandvik Steel. Sandviken, 9 January 2001 Sandvik AB; (publ) For additional information, contact Lars Pettersson, President of Sandvik Steel, +46 26 26 36 28 or Nigel Haworth, President of Sandvik Steel Ltd., +44 1922 728701 Sandvik is a high-technology engineering group with advanced products and a world-leading position in selected niches - tools for metalworking, machinery and tools for rock excavation, stainless steel, special alloys, 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 Sandvik Specialty Steels Business Area and a world-leading manufacturer of highly processed products: tube, strip, wire and bar, in stainless steel and special alloys. Annual sales are approximately SEK 8,400 M, with 7,000 employees. The Sandvik Group's sales in the UK are about SEK 2,100 M, of which nearly half is exported. There are approximately 1,800 employees, of who about 900 work in production. ------------------------------------------------------------ This information was brought to you by BIT http://www.bit.se The following files are available for download: http://www.bit.se/bitonline/2001/01/09/20010109BIT00640/bit0001.doc http://www.bit.se/bitonline/2001/01/09/20010109BIT00640/bit0002.pdf