Sandvik to establish new business area, list alloys ops

Swedish equipment maker Sandvik has decided to establish its crushing and screening division as a new business area and separately announced it will list its Sandvik Materials Technology on the Nasdaq Stockholm Exchange.
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Sandvik is turning two successful operations into a standalone business area and listed entity, respectively.

The crushing and screening operations are currently part of the Mining and Rock Technology business area. Sandvik plans on naming the operations Sandvik Rock Processing Solutions and establish them as a standalone business area from January 2021.

Sandvik president and chief executive Stefan Widing said: "Our Crushing and Screening division is a well-performing business with exciting growth opportunities. The business is today already operating quite independently from the rest of Sandvik Mining and Rock Technology, with its own manufacturing, sourcing and aftermarket."

In a separate announcement, the group said following the completion of the internal separation of Sandvik Materials Technology (SMT), which combines Sandvik's advanced stainless steels and special alloys operations, it will now start the groundwork to eventually distributing SMT to Sandvik's shareholders and list the business on the Nasdaq Stockholm Exchange. 

It will put the distribution and separate listing to shareholders at the 2022 general meeting if the circumstances are right.

Sandvik chairman Johan Molin said: "The board believes that both Sandvik and Sandvik Materials Technology can develop more favorably on their own. Both Sandvik and SMT are well positioned within their areas and we believe this will improve long-term shareholder value. However, a listing should be done when circumstances are favorable."