Sandvik Lifts Restructuring Cost Estimate to SEK1.9 Billion
29 Junho 2020 - 7:52AM
Dow Jones News
By Dominic Chopping
STOCKHOLM--Swedish engineering group Sandvik AB said Monday that
it will book around 1.9 billion Swedish kronor ($203 million) of
costs this year from its previously announced restructuring to
mitigate effects from the Covid-19-pandemic, up from a previous
estimate of SEK1.4 billion.
The company said temporary short-term actions are progressing
according to plan and are expected to generate savings of about
SEK1.5 billion in 2020.
Savings from long-term measures are now seen at about SEK1.2
billion, from SEK900 million previously, and will reach full annual
run-rate by the end of 2021, it said.
Sandvik said the cost from these long-term measures imply costs
of about SEK1.9 billion, with SEK1.3 billion booked in the second
quarter 2020 and the remaining amount in the second half of
2020.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
June 29, 2020 06:37 ET (10:37 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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