Sandvik Sells Processing Business For $576 Million to Wallenberg-Owned Fund
02 Junho 2017 - 5:36AM
Dow Jones News
By Dominic Chopping
STOCKHOLM--Swedish steel and industrial-equipment supplier
Sandvik AB (SAND.SK)agreed to sell its process-systems unit to an
investment firm controlled by the Wallenberg family for around five
billion Swedish kronor ($575.6 million).
The sale by Sandvik is part of management's strategy to focus
more closely on making industrial tools and materials.
"This is an important step in focusing Sandvik on its core
businesses," said Sandvik Chief Executive Bjorn Rosengren said on
Friday. "The divestment creates additional capacity for growth and
expansion of the core business of Sandvik."
The deal is expected to close no later than early 2018 and will
generate a capital gain, the company said.
The buyer of the business is Foundation Asset Management AB, a
Swedish holding company owned by the three largest Wallenberg
foundations: Te Knut and Alice Wallenberg Foundation, the Marianne
and Marcus Wallenberg Foundation, and the Marcus and Amalia
Wallenberg Foundation.
In 2016, Sandvik Process Systems reported revenues of SEK1.7
billion, representing 2% of Sandvik's total revenues. It employs
600 people.
Write to Dominic Chopping at dominic.chopping@wsj.com; Twitter:
@domchopping @WSJNordics
(END) Dow Jones Newswires
June 02, 2017 04:21 ET (08:21 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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