SANDVIKEN, Sweden--(BUSINESS WIRE)--Regulatory News:
Sandvik (STO:SAND) announced on 29 April 2011 an agreement with Shandong Energy Machinery Co. in Xintai, Shandong Province, China to form a 50/50 owned joint venture for the production and sales of coal mining equipment. The joint venture will focus on assembly, sales and service of high performing roadheaders for the Chinese underground coal market.
The joint venture Shandong Energy Machinery Group ZhongRui Mining Equipment Manufacturing Co. Ltd was legally established on 12 October 2011 and the work to make the joint venture operational in the beginning of 2012 has started.
From 1 January 2012, the joint venture will be a part of the new business area Sandvik Mining to be in line with the new Sandvik strategy announced on 2 September 2011.
Sandviken, 17 October 2011
Sandvik Aktiebolag (publ)
Sandvik AB discloses the information provided herein pursuant to the Securities Markets Act and/or the Financial Instruments Trading Act. The information was submitted for publication at 08.30 CET on 17 October 2011.
Sandvik is a global industrial group with advanced products and world-leading positions in selected areas – tools for metal cutting, equipment and tools for the mining and construction industries, stainless materials, special alloys, metallic and ceramic resistance materials as well as process systems. In 2010, the Group had about 47,000 employees and representation in 130 countries, with annual sales of nearly 83,000 MSEK.
Sandvik Mining and Construction is a business area within the Sandvik Group and a leading global supplier of equipment, cemented-carbide tools, service and technical solutions for the excavation and sizing of rock and minerals in the mining and construction industries. Annual sales in 2010 amounted to about 35,200 MSEK, with approximately 15,500 employees.
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