Sandvik's deal falls through

Sandvik has announced that it was not able to close a deal to sell its Mining Systems business, which is a supplier of design and engineering of material-handling systems for the mining industry
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Staff reporter

Sandvik previously announced its plans to divest its Mining Systems operations to CoBe Capital in July 2016. The transaction was expected to close in the December quarter of 2016. The deal will, however, not be finalised according to the original plan as all conditions for closing were not met.

Sandvik stated that the process to exit from the Mining Systems business continues with different interested parties, and Mining Systems remains reported as discontinued operations in Sandvik’s financial statements.

Björn Rosengren, president and CEO of Sandvik, commented: “I am disappointed that we have not been able to close the transaction as planned. However, we relentlessly progress to find a solution for our exit from the project business Mining Systems.”