By Dominic Chopping

STOCKHOLM--Swedish engineering group Sandvik AB said late Wednesday that its previously announced plans to distribute its Sandvik Materials Technology unit to Sandvik shareholders will see the company's shares listed on the Nasdaq Stockholm Exchange on Aug. 31.

"We are convinced that this will increase long-term shareholder value, and that both Sandvik and Sandvik Materials Technology can develop more favorably on their own," Sandvik Chairman Johan Molin said.

Sandvik also said it has decided that Alleima will be the new name of Sandvik Materials Technology, pending shareholder approval of the listing.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

March 24, 2022 04:11 ET (08:11 GMT)

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