Interesting events in Sandvik's history
The company was founded in 1862. Already at an early stage, operations focused on high quality and added value, investments in R&D, close contact with customers, and exports. This is a strategy that has remained through the years. Below you find a list of interesting events in Sandvik's history.
Business area Sandvik Materials Technology was successfully separated and listed as an independent company, Alleima, on Nasdaq Stockholm. We acquired eight companies in strategic areas, including solid round tools, mine planning and battery diagnostics. As a consequence of Russia’s was in Ukraine, we decided to wind down our operations in Russia.
A strong demand recovery resulted in improved revenues and margins. Sandvik closed or signed agreements for 14 company acquisitions in strategic areas such as CAM software, round tools, mine planning and ground support. We applied for the Science Based Targets initiative (SBTi) and made commitments to reach net-zero emissions by 2050 at the latest.
The Covid-19 pandemic negatively affected the demand in several customer segments. The Annual General Meeting resolved that no dividend be paid for the financial year 2019. An agreement to acquire the market-leading underground safety company DSI Underground was signed, one of the largest acquisitions in the history of Sandvik. Sandvik finalized the divestment of the Drilling and Completions (Varel), meaning the operations relating to the oil and gas industry.
Sandvik signed an agreement to divest the majority of Drilling and Completions (Varel). Several strategic acquisitions, for example within electric battery solutions, wireless connectivity and round tools, were completed. An internal separation of Sandvik Materials Technology within the Sandvik Group was initiated. A greenfield titanium powder plant was inaugurated in Sandviken, Sweden. Stefan Widing was appointed new President and CEO.
Sandvik was recognized as one of the most sustainable companies in the world (Global 100 Most Sustainable Corporations in the World) by Corporate Knights. Sandvik acquired the French metrology software company Metrologic Group and divested its stainless wire business.
Improved profitability and a strong cash flow. The financial targets were achieved ahead of schedule. Divestments of Process Systems and Mining Systems were completed. Agreements to divest the welding wire business and Hyperion were signed. Inclusion in the 2017 Dow Jones Sustainability Index.
A new strategy was introduced, focusing on decentralization and decision-making closer to customers. New financial targets were established. The Lost time injury frequency (LTIFR) declined to 1.7 (2.2), an all-time low in Sandvik’s history. Inclusion in the sustainability indexes Dow Jones Sustainability Index, the FTSE4Good Index Series and the Ethibel Sustainability Index (ESI) Excellence Europe.
Johan Molin was elected new chairman for Sandvik. President Olof Faxander left the company and was succeeded by Björn Rosengren. Sandvik announced the intention to divest its Mining Systems operations, a supplier of material handling systems for the mining industry. Sandvik acquired the Dutch company SGL Technology, a manufacturer of processing equipment for the food production industry.
800 new patents were granted. As a result of efficiency programs, 11 site closures were initiated. Sandvik acquired Varel International Energy Services, thereby strengthening its offering of solutions for a growing energy market. Divestment of a distribution business for stainless steel products in Australia and New Zealand and a power spring business in the US and Mexico, both defined as non-core businesses.
Sandvik was included in the Thomson Reuters’ list of the 100 most innovative companies in the world. The Group was also ranked in the corresponding list in the business magazine Forbes. New research centers were established in India and China. The Group invested in additive manufacturing, 3D printing. Petra Einarsson was appointed head of the Sandvik Materials Technology business area; Sandvik’s first female business area president. Acquisitions of the German company TechnoPartner Samtronic GmbH, the Canadian drilling solutions company Cubex Limited and the outstanding 51% of the shares in Precorp Inc.
Sandvik celebrates its 150th anniversary on 31 January and throughout the year. The divestment of Sandvik Medical Solutions, which was part of the Sandvik Venture business area, was concluded. We became involved in the Swedish project named “Battle of the numbers” with the aim of increasing the number of women in executive positions. Thomson Reuters named us as one of the world’s 100 most innovative companies, a significant acknowledgment of our efforts. Sandvik became owner to 100% of Seco Tools. Because of the weak performance of markets in Europe combined with our continued strong expansion in the rapidly growing regions of the world, for the first time Europe only accounted for about one-third of the Group’s total invoicing. Therefore our sales became more balanced in terms of where growth is taking place.
Olof Faxander becomes the new president and CEO of Sandvik on 1 February. A long-term research and development collaboration is initiated with the Vasa Museum in Stockholm, which entails delivery of specially designed stainless steel bolts to preserve the 380-year old ship-of-the-line, Vasa (picture). A joint venture is started with a Chinese company for the production and sale of mining machinery in the Chinese market. Acquisition is made of a company in the crushing and sorting industry in China. A number of substantial supplier agreements are signed in regard to cladding tubes for the nuclear power industry, and are followed by decisions to expand production capacity in Sandviken. A new strategy is established focused on core businesses, growth markets and streamlined internal processes. A new organization with a market focus is decided with more active control of operations. Three business areas become five: Sandvik Mining, Sandvik Machining Solutions, Sandvik Materials Technology, Sandvik Construction and Sandvik Venture. A decision is made to move the group's head office from Sandviken to Stockholm. A process is initiated for divestment of the area within Sandvik MedTech that works with implants and instruments. In November, a recommended public offer was made to the minority shareholders of Seco Tools in order to acquire all remaining shares in that subsidiary. In December, Sandvik held an Extraordinary General Meeting and completed the offer to the minority shareholders of Seco Tools. It was also resolved to transfer the registered office of the Board of Directors from Sandviken to Stockholm..
Anders Nyrén from Industrivärden becomes chairman of the board. Demand increases. Staff on a short working week revert to normal hours. A strategic collaboration is established within metal powder technology with Carpenter Technology. Kanthal is integrated into the new product area, Sandvik Wire and Heating Technology. Major investment in tube production in Chomutov, Czech Republic, and in Sandviken. Large orders for umbilicals to the oil and gas industry and large additional supplier agreements for steam generator tubes to the nuclear power industry. China is now Sandvik's fourth-largest market. Investments in a new production facility in Svedala for crushers and in a new distribution center in Europe for spare parts to the mining and construction industries. Building commences in Newcastle, Australia, of the largest unit thus far for manufacture, assembly, distribution and aftermarket service to the mining industry. Sandvik Coromant develops products for growing industrial segments such as aerospace and wind power.
Sandvik's order intake and invoicing decrease by 30% during the global recession and the Group records its third ever loss-making year. Consolidation of the number of manufacturing units, reduction of inventory levels, cutbacks in staff numbers and reduced working hours are implemented. A Tooling engineering center is opened in India. Sandvik Mining and Construction notifies of the closure of thirteen units, but inaugurates assembly plants for mining equipment in Jiading, Shanghai, China, and in Vespasiano, near Belo Horisonte in Brazil. The UK tool producer BTA Heller Drilling Systems and the Austrian tungsten producer Wolfram Bergbau und Hütten are acquired. Wolfram becomes a product area within the Sandvik Tooling business area and launches an ultra-fine grain grade of tungsten-carbide powder for micro drills in the electronics industry. The CoroMill 316 exchangeable-top end mill is introduced. A major order is secured for steam generator tubes to China. A subsidiary is founded in the United Arab Emirates. A new unit for pilgering and finishing of stainless steel tube is constructed in Zhenjiang, China (picture), in conjunction with a service center for precision strip.
Gobal financial crisis. Substantial cutbacks are made in staffing, production capacity and costs due to an extremely weak market trend and global overcapacity. The tool CoroThread, with a unique locking system for the insert, is launched for thread turning applications. Finally, after a hundred years of lead-alloyed steel for small watch components, environmentally-friendly lead-free steel has been developed (picture). Material is launched for fuel cells. Sandvik Tooling expands production capacity in Japan. New plants are started in Wuxi, China. A major assembly plant for mining machinery is inaugurated in Santiago, Chile, by the President of Chile.
A research center for advanced alloys is constructed in Pune, India (picture). Acquisitions include the companies Teeness (anti-vibration tools) in Norway, Aubema (crushing equipment) in Germany, Corstor (supplier to the exploration industry) in South Africa and Eurocut (medical technology) in the UK. Office and warehouse are established in the Democratic Republic of the Congo. The Sandvik Calamo tube plant in Sweden is divested. A subsidiary is founded in Algeria.
Cemented-carbide tools with integrated high-pressure cooling are launched. Kanthal develops gas burners for industrial furnaces. Sandvik Coromant's investment in Application centers starts in Stuttgart, Germany. New Insert Generation, a substantial range of newly developed products, is introduced for turning, milling and drilling. Walter opens a new plant for cemented-carbide inserts in Münsingen, Germany. Sandvik Coromant expands special tool workshops in Germany and the U.S. In Barcelona, Spain, Sandvik Hard Materials opens a new plant. Acquisitions are made of companies in the medical technology field in the U.S. and of Doncasters Medical Technologies in the UK. Diamond Innovations, a North American producer of tools using synthetic diamonds and boron nitride is another acquisition. During the year, the hardest form of cubic boron nitride produced thus far is introduced. Acquisitions include Australian companies in the mining and construction sectors as well as UK-based companies, Extec and Fintec, active in the manufacture of mobile crushing and sorting equipment. Divestments include Sandvik Sorting Systems, the French company Sandvik Tobler and holdings in companies producing welded tube. Subsidiaries are founded in Mali and Mongolia.
Australia has now become the third-largest market in the Group. A new generation of jumbo drilling rigs (picture) is introduced, equipped with a computer system for data regarding drilling conditions and diagnosis of the need for service. A new grade of steel is developed for heat-exchanger tubes in high-chloride environments, for example in refineries. Titanium is launched as a part of the Bioline product range for the manufacture of implants. The Finnish powder metallurgy company Metso Powdermet is acquired. A 5:1 share split performed of the Sandvik share. Production of cemented-carbide inserts in the U.S. is concentrated to Westminster, SC, while production in Fair Lawn, New Jersey, is closed. In the UK, two workshops for special tools are closed. Tool production at Sandvik Tooling in Italy, Brazil and China is expanded. In India, a drill plant is built in Pune and a unit for recycling cemented carbide in Chiplun. Four companies are acquired within mineral exploration: Swedish-Japanese company Hagby-Asahi, SDS Corporation and UDR Group in Australia, and the Chilean company Implementos Mineros.
The new GC 4225 cemented-carbide grade becomes the world's best-selling grade. Acquisition of a minority share in a Chinese producer of cemented-carbide powder. China has become Sandvik's tenth-largest market measured in invoiced sales. A new generation of short-hole drills with indexable inserts, CoroDrill 880. Cemented-carbide powder is produced with a grain size under one micrometer. Teflon-coated precision wire has cardio surgery applications and composite wire performs key functions in pacemakers. A stock redemption of SEK 4 billion. Sandvik Smith becomes wholly owned. A review is performed of the Group's nine drawing mills for stainless steel wire with the objective of halving the number. A subsidiary is founded in Serbia.
A program comprising surface technology products is launched: Santronic for the electronics industry and Decorex for consumer goods design purposes. A number of acquisitions are made in the cemented-carbide field, in countries including Germany. A majority shareholding in a Brazilian materials-handling company is acquired. A new distribution center is inaugurated for Sandvik Materials Technology in Venlo, the Netherlands. Technical Tooling in the U.S., a producer of tools for the manufacture of aluminum cans, is also acquired. A plant is started in Tychy, Poland, for the production of coal-mining machinery. Kanthal develops the production of high-temperature alloys via powder metallurgy. Extensive training is initiated in Sandvik's core values (Open Mind, Fair Play, and Team Spirit).
The Sandvik Specialty Steels business area changes name to Sandvik Materials Technology with five product areas: Tube, Strip, Wire, Kanthal and Process Systems. Walter launches Tiger Tec, a new range of cemented-carbide inserts with a two-colored surface treatment as wear indicator. In Shanghai, a plant is started for the manufacture of processing systems and steel press plates and, in India, a plant for the assembly of mobile crushers. Sandvik Tooling inaugurates a new R&D center for materials development in Stockholm. The manufacture of cemented-carbide tools in Westminster, SC, U.S., is expanded while smaller production units are closed. Divestment is made of two units for the production of mining machinery in the U.S. Certification is completed of the first Productivity center unit within Sandvik Coromant.
Clas Åke Hedström is named new chairman after Percy Barnevik, who is appointed honorary chairman. Lars Pettersson becomes new president and CEO. Wire production in Mjölby and manufacture of wear parts in Denmark are shut down. Sandvik Mining and Construction closes units in Nafta and concentrates production to Alachua, FL, U.S., and Burlington, ON, Canada. The acquisition is completed of the North American tool company Valenite. The first acquisition in Japan is made through the purchase of the Toyo brand in the mining and construction industry. Sandvik Tamrock develops drill rigs and loaders for extremely narrow mine drifts for customers mining platinum. A majority shareholding is acquired in the German tool manufacturer Walter AG.
An investment in the mechanical extraction of gold and platinum ore is made using Icutroc, a new method developed by Sandvik. Automation and remote control of mining machinery is tested in mines in Canada and Sweden. The concept is named AutoMine. New grades of steel for wirelines, with wire lengths of several kilometers, are developed for the oil and gas industry. High-alloy tubes with fins on the inside are introduced for the production of ethylene within the plastics industry. A new Asian distribution center for Sandvik Coromant opens in Singapore. A stock redemption program is approved by the AGM. Crushing and sorting operations are acquired from Svedala Industri. Agreement is reached with the U.S. company Smith International to set up a jointly owned company for roller bits. Production of seamless tubes is closed down in the UK but increased in the Czech Republic for the oil and gas industry. A majority shareholding in Brazilian tool manufacturer Hurth Infer is acquired. The holding in the manufacturer of individually-made ceramic dental crowns Procera-Sandvik is sold. The remaining shares in the Indian company Sandvik Choksi are acquired. The shareholding in the Indian subsidiary Sandvik Asia is increased. The Chilean mining service company Bafco Mineria y Servicios is acquired. Sandvik becomes one of five partners in the e-commerce site Endorsia.
Acquisitions include an Austrian drill rig manufacturer, the German steel belt manufacturer Hindrichs-Auffermann and the Australian company Beltreco, active in servicing the mining industry. Production of cemented-carbide powder in Stockholm is relocated to Gimo, where also a new plant for tungsten carbide is built and the manufacturing of solid-carbide tools expanded. The capacity for tool holders in Mebane, NC, U.S., is doubled. A subsidiary is founded in Croatia.
Sandvik divests the Saws and Tools business areas and focuses the business on three core areas: Sandvik Tooling (Sandvik Coromant, Sandvik CTT and Sandvik Hard Materials), Sandvik Mining and Construction (Sandvik Tamrock, Driltech Mission, VA-Eimco and Roxon) and Sandvik Specialty Steels (Sandvik Steel, Kanthal and Sandvik Process Systems). The remaining shares in the Polish tool manufacturer Baildonit are acquired. Cemented-carbide tools for the production of aluminum cans are developed. CoroCut, a new system for parting and grooving is launched. Opera- tions in Argentina are concentrated to San Justo. A representative office is opened in Bosnia and Herzegovina.
CoroMill 390, a new milling cutter with indexable inserts, is launched. Sandvik Coromant implements direct distribution to customers via central warehouses in Sweden, the Netherlands, the U.S. and later Singapore. Rationalizations, integrations and divestments are performed in the new business area Sandvik Mining and Construction and the number of employees is reduced by 15%. A new tube mill is taken into production in Sandviken. Acquisitions include the German company Poppe&Potthoff's production of stainless steel precision tube and MRL Industries in the U.S., which manufactures furnace elements for the electronics industry. A joint-venture company in rock-drilling equipment is founded in Korea. Subsidiaries are established in Slovenia, Greece, Rumania, Ukraine, Bolivia and Ghana. Approximately 1,000 IT (information technology) specialists are now employed by Sandvik.
A stock redemption of SEK 4 billion is completed. The Swedish investment company Industrivärden becomes the new major owner of Sandvik. Sandvik becomes the majority shareholder in Kanthal (picture). Sandvik acquires all shares in Tamrock with 5,000 employees, primarily in Finland, Austria, the U.S., Chile and Australia. The company presents the world's largest underground loader, the Toro 2500. Precision Twist Drill, an American manufacturer of high-speed-steel drills, is acquired as well as the steel distributor RGB in the UK. Collection of used cemented-carbide inserts for recycling of cobalt and tungsten is started. A new cold-rolling mill is opened in Sandviken. A new type of indexable inserts for turning, Wiper, is introduced to improve productivity and the surface finish. A new organization with three major business areas from 1998: Sandvik Tooling, Sandvik Mining and Construction, and Sandvik Specialty Steels. The minor business areas: Sandvik Saws and Tools, Sandvik Process Systems, and Sandvik Hard Materials remain independent.
Sandvik acquires 42% of Kanthal and 49% of the Finnish company Tampella, parent company to Tamrock which is already partly owned by Sandvik. The Group becomes principal shareholder of Sandvik Choksi Tube, India, for the extrusion and finishing of seamless tube. Acquisition of the French tube manufacturer Precitube is completed. A new stainless steel, Safurex, is developed for the synthetic fertilizer industry.
The CoroMill product range is developed, which gives rise to an entire family of tool solutions for various milling areas. CoroKey, a new concept for the launch of indexable inserts, is presented. Ultra-fine-grain grades of cemented-carbide powder are developed for blanks to circuit board drills in the cellular phone industry. A representative office is opened in Vietnam.
Clas Åke Hedström president and CEO. Sandvik first in the world to produce diamond-coated carbide cutting inserts on an industrial scale. Russia's largest cemented-carbide plant, MKTC (picture) is acquired. A joint-venture for cutting tools, Sandvik Baildonit, is established in Poland. A plant for cemented-carbide tools is inaugurated in Langfang, China. A Czech plant in Chomutov is acquired for the production of precision tubes.
The Sandvik Tooling business area is formed. Cemented-carbide rotary cutters are introduced in the production of diapers and other sanitary products. A range of ergonomic hand tools is created, primarily adjustable wrenches, screw drivers and pliers as well as a new handsaw with more efficient teeth. The subsidiary Sandvik China is founded in Beijing. A 5:1 share split is performed. A joint venture company in wire drawing is started in Brazil. The Sandvik Nanoflex™ material is developed for eye surgery and electric shaver heads and is later utilized in many new medical and environmental engineering applications.
Sandvik acquires 25% of the Finnish producer of rock-drilling equipment, Tamrock. The manufacturer of high-speed-steel tools, CTT Tools, is acquired from SKF and includes units in Sweden, the UK, France, Italy, Germany and the U.S. A decision is made to build an extrusion press in Scranton, U.S., in joint ownership with Sumitomo of Japan. The Tailor Made concept is launched by Sandvik Coromant for rapid delivery of tailor-made products to customers.
The acquisition is completed of Bahco Verktyg, with production in Sweden, Germany and Argentina. Operations are integrated in the Saws and Tools business area. Sandvik's cemented-carbide mineral tools are utilized in the project for tunneling under the English Channel. A range of stainless steel grades with enhanced machinability is launched under the name Sanmac. Investments are made in Russia. Subsidiaries are founded in Hungary, the Czech Republic, Slovakia and Bulgaria. A major special tool unit is acquired in Schmalkalden, in Germany.
Introduction of the modular tool system Coromant Capto for turning, milling and drilling. A Spanish cemented-carbide producer in Barcelona is acquired. In Japan, a new head office is inaugurated in Kobe. The subsidiary in Korea fully owned.
Investments in Eastern Europe start. A distribution center for cemented-carbide products is established in Kentucky, U.S. Cooperation with Atlas Copco in the rock tools area is terminated. A new generation of milling inserts, New Wave, records strong commercial success. The Impero tool company in Italy is acquired. A drawing mill for stainless steel wire is acquired in Mjölby, Sweden, as are file plants in Finland and the UK.
Cemented-carbide drills are developed for the electronics industry. Q-Cut, a new generation of tools for parting and grooving is introduced. A manufacturer of down-the-hole equipment, Mission in the U.S., is acquired. A number of other acquisitions are completed including Metinox in the UK, for medical products in stainless steel. An internal bank operation and holding company is started in the Netherlands with a subsidiary in Switzerland.
Seco Tools acquires its competitor Carboloy in the U.S. with more than 1,200 employees. Sandvik Hard Materials starts production of ceramics for individually-made dental crowns. Acquisitions are made in the cemented- carbide field in Denmark, Belgium and the U.S. The company in Arnprior, Canada, becomes wholly owned. The acquisition is completed of Sterling Tubes in Walsall, UK.
The 100th anniversary of the Sandvik hand saw. Investments are made in insert production worldwide: a total of 45 production units now exist within Coromant tools. A new cemented-carbide grade, Dual Properties, is introduced for button bits. A new stainless steel for the production of methanol is launched. Seco Tools temporarily becomes a wholly owned subsidiary prior to flotation on the stock exchange. A share split of 4:1 is made.
Some partly owned cemented-carbide companies and Spooner are sold. A new, duplex steel is developed, SAF 2507, with applications including the manufacture of umbilical tubes for the oil and gas industry. A representative office is opened in Beijing, China.
Per-Olof Eriksson is appointed new managing director. The new decentralized organization is implemented with seven separate business areas, regional companies and service companies. Avesta Sandvik Tube (Sandvik 25%) and Fagersta Stainless (Sandvik 50%) are established in conjunction with the restructuring of the Swedish specialty steel industry. A new generation of tools for thread turning is introduced: the T-Max U-lock.
A dramatic year. Göran Ahlström becomes managing director and presents a new decentralized organization for the Group. Skånska Cementgjuteriet succeeds Kinnevik as principal owner of Sandvik. A new board is elected and the CEO of Asea, Percy Barnevik, becomes chairman of the board. Restructuring and divestments are performed in the organization also outside of Sweden. The first loss in 62 years is recorded. The long-term holding in the Krångede hydroelectric power plant is sold to rescue the cash flow. A number of companies and plants are closed. Saws and Tools production in Sandviken is relocated to Bollnäs and Edsbyn among other sites. Inserts of cubic boron nitride and ceramic are introduced.
Many divestments are made of companies and units, primarily in Saws and Tools as well as in Process Systems, including parts of Disston. Even Euro- tungstene is in the process of being divested. Fagersta's production of drill steel is taken over. A joint venture company is established with Fagersta for welded stainless steel tube. The first of Sandvik Coromant's Training centers (later termed Productivity centers) is inaugurated in Halesowen, UK.
A substantial decline in sales leads to the restructuring and closure of units as well as a reduction in the number of employees by more than 2,200 people. Sandvik Coromant launches the Delta Drill, which has a significantly higher capacity than conventional spiral drills. Sandvik Coromant introduces DD, direct distribution, from the central warehouses to the customers in Finland and Poland. A new material comprising cemented carbide and steel, Cast-in-Carbide, is presented for rolls in wire-rod-rolling in the steel industry. Umbilical tubes are developed for the oil and gas industry. Sandvik becomes part-owner of a steam generator manufacturer in Arnprior, Ontario, Canada. Continuous casting of steel starts in Sandviken. A subsidiary is set up in Zimbabwe. Open-hearth production with the Martin process is discontinued in Sandviken, thereby marking the end of all ore-based steel production. Scrap iron replaces ore as raw material.
Acquisitions include acquiring a majority holding in the French firm Eurotungstene, and five smaller companies. A new pilger mill is built for heavy-duty seamless tube in Sandviken. Block Tools, a system for rapid tool changes in turning is introduced, as is Varilock, a modular tool-holding system for rotating tools. The first unit of Sandvik Rotoform is developed for pastillization of liquid chemicals, such as sulphur, to solid form (picture). A plant for tool holders is established in Mebane, NC, U.S. A subsidiary is founded in Taipei, Taiwan.
Lennart Ollén is appointed president and Arne Westerberg becomes chairman of the board. A decision is taken to erect a continuous casting plant in Sandviken. Partnership in Uddeholm Strip Steel. Kosta in Germany is acquired for holding tools. Acquisition of the UK company Osprey.
Sales of cemented-carbide products now comprise half of Group sales. The Spooner company, which operates in the food-processing industry, is acquired by the Conveyor division. A subsidiary is founded in Ireland. Small button bits are introduced which constitute the first step towards disposable drill bits.
Strip steel is rolled into textured steel for springs to safety belts in cars. The turnkey sale of a cemented-carbide plant to the Soviet Union is completed. Over 90% of sales are made on markets outside Sweden. The inserts in rock drills increasingly replaced by cemented-carbide buttons. Raise-boring heads with a diameter of two meters. A new grade of steel for tubes in refineries. Strip steel of chromium grades for sharp-edged tools. A plant for welding electrodes is established in the U.S. The head office in Canada is relocated to Mississauga, Ontario.
Particle-board presses based on steel-belt pressing plates are developed. Production of cemented carbide is started in Semine, Japan. A sales company is founded in Kobe. The Group's European distribution center for tools in Schiedam, the Netherlands, is inaugurated by the King and Queen of Sweden. The head office of the subsidiary in France is relocated to Orléans. Advanced computer technology is implemented in order processing, warehouse and production management as well as for financial reporting. Disston, an American consumer tool company, is acquired. The wire plant is opened in Brazil. The first short-hole drill with cemented-carbide inserts, T-Max U, is produced.
A new organization with four divisions. A new, high-strength steel is developed for oil sources located at great depth in difficult corrosive conditions with high temperatures. Stainless steel and alloy welding products such as strip electrodes and filler wire achieve significant success for pressure vessels used in the nuclear power industry. The Conveyor division delivers steel belts to customers in Japan for the automated sorting of goods. Wire drawing mills are being constructed in Spain and Brazil. The Saws and Tools division initiates a series of acquisitions and builds a new head office.
A record year following the first oil crisis. Two plants for welded stainless steel tubes are acquired in the UK and Germany. Tubes for ethylene furnaces are developed for application in high-temperature processes. Ferro- nickel alloys are produced for use in relays and switches in the electronics industry.
Sandvik acquires 65% of all shares in the Seco Tools group. The British company Wickman Wimet is acquired with units in Coventry, Featherstone, Glasgow and Nuneaton in the UK as well as units in South Africa. Sandvik now has 57 subsidiaries. The Odex eccentric drilling equipment is launched for drilling through difficult soil conditions to solid rock.
Roller bits are put into use for open-pit mining of ore. The company name is changed to Sandvik AB from Sandvikens Jernverks AB. Technical consulting in the field of cutting tools is organized under Coromant Multi Service. The new, unique, close-pitched milling cutter, the Sandvik Auto, gains a widened market in the automotive industry. The ejector drill is equipped with a deep-hole-drilling cutter head with indexable inserts. Stainless flapper valve steel for compressors undergo further development. The new Sandflex hacksaw blade is practically unbreakable. The Sandvik 2000 Super- Cut hand saw improves cutting performance. Investments are made in advanced mainframe computers. A wire drawing mill is acquired in Barcelona, Spain, as is a plant for producing cemented carbide in Argentina.
The first Coromant school is started in Düsseldorf. Indexable inserts are produced with new geometries and chip breakers already at the sintering stage. Milling tools are introduced for processing aluminum in engine and gearbox components. Sandvik's rock drills are used for driving the world's longest road tunnel through the Saint-Gotthard Massif in Switzerland. Easy-to-handle extension rods are developed. Substantial orders from European nuclear power plants, and orders for hydraulic tubes in titanium for the supersonic aircraft Concorde. Steel operations in the U.S. move to Scranton, PA, where production of stainless steel tube and industrial springs starts. Outside Montreal, Canada, a cemented-carbide plant is built, primarily for studs to winter tires. The French company Safety is acquired– a manufacturer of cemented-carbide cutting tools.
Sales of cemented-carbide products account for 40% of the Group's sales. A new steel grade is introduced for surgical needles (picture). Sandvik's free-cutting steel finds multiple uses in the mechanical engineering industry. Guldsmedshytte Bruk is acquired to supply pig iron. A trading company, Santrade, is formed in Switzerland with a subsidiary in the Netherlands. Companies are founded in Bogotá, Colombia, and in Nairobi, Kenya.
Sandvik is first in the world with surface-coated cemented-carbide inserts – Gamma Coating. New tools are produced for numerically controlled machines. The first cemented- carbide tools are sold to the Soviet Union. Steel-belt conveyors becomes a separate product area with head office in Fellbach, Germany. A subsidiary is set up in Singapore.
The Group's annual sales exceed SEK 1 billion. The "Sandvik cutting data bank and data check" is introduced. T-Max tools for threading. Extension rods are fully carburized. Composite tubes for the pulp and paper industry. A regional warehouse is established in Singapore. A subsidiary in Thailand. Sandvik implements calculated depreciation in its annual reports.
Arne Westerberg becomes managing director and Hugo Stenbeck is elected chairman of the board. The Sandvik Group is used as a concept for the first time in the annual report. The Parent Company now has 40 subsidiaries, of which 20 are production companies. Sales encompass 100 countries. In Mexico, production of cutting tools and rock tools is started. In Sydney, Australia, a plant is established for the production of rock tools. Companies are formed in Hong Kong and Venezuela. The word "steel" is removed from the names of the subsidiaries. A new clamping system for turning with negative inserts is produced: the T-Max P.
Sandvikens Jernverk has become an international group. Net sales are allocated as follows: Europe 66% (of which, Sweden 18%), North and South America 23% and finally Africa, Asia and Australia 11%. U-bent stainless steel tubes with very long lengths are delivered to steam generators in the nuclear power industry. The company is invited to produce cladding tubes in Kennewick, WA, U.S., in partnership with an American producer of nuclear fuel. In Sweden, rock tools plants are under construction for button bits and extension rods. In Halesowen, UK, cutting tool production is in the process of being expanded. The plant in Fair Lawn, U.S., doubles in size. Rock tools production is started in Australia. Companies are founded in Turkey, Chile, Peru and Malaysia. A campaign is initiated in Sweden to recruit women for the purpose of reducing the existing labor shortage.
Conveyor belt production in Fellbach, Germany. Cemented-carbide plants are acquired in Germany. The ejector drill with brazed cemented-carbide inserts is an innovation in long-hole drilling. Subsidiaries are set up in Lisbon, Portugal, in Spreitenbach, Switzerland, in Manila, the Philippines, and in Wellington, New Zealand. Thin, stainless steel wire is developed for pacemakers.
Specially designed Sandvik saws are utilized when stone sculptures from the Abu Simbel Temples in Egypt are moved in conjunction with the construction of the new Aswan dam at the beginning of the 1960s. The Group's employees now number over 12,000 following expansion outside Sweden. The first double-belt presses are delivered to the process industry. Subsidiaries are founded in Oslo, Norway, and in Ndola, Zambia.
The share of exports regains pre First World War levels: 77%. The company develops cladding tubes made of zirconium alloys for the nuclear power industry and stainless razor blade steel. Low-carbon stainless steel is developed for the pulp and paper industry. Subsidiaries are founded in Barcelona, Spain, and in Vienna, Austria.
A plant is opened in Brazil for both cutting tools and rock tools. The Group celebrates its centenary. The extrusion presses commence production in Sandviken and replace hot-rolling of tube. Coromantfabriken in Västberga has now been extended. Edge honing of cemented-carbide inserts is put into operation. Italian subsidiaries are merged in Milan. A subsidiary is founded in Warsaw, Poland.
The Knux turning insert is introduced and becomes a top-seller for over thirty years. Jernverket invests in new sales subsidiaries of its own in countries like Mexico and Australia. A regional office is located in Japan. A large investment in research and development is marked by King Gustaf VI Adolf inaugurating a facility for steel research in Sandviken.
The blast furnaces are closed. Big invest- ments are planned in Sandviken: Tube mill 60, Press mill 62, Tube mill 63, Pilger mill 64, Cold-rolling mills 61, 63 and 64, Electric arc furnace 64, Hardening plant 65 and Tube mill 68. Two extrusion presses are of substantial importance for seamless stainless steel tube. A new grade of stainless steel for spring wire is launched. The market for hacksaw blades grows sharply. The Indian company Sandvik Asia (shareholding 60%) is established and a plant is constructed. Production units also built in Mexico and Brazil.
A larger new, electric arc furnace is installed. A strong management team is established in support of the newly elected managing director Wilhelm Haglund. "No more redundancies!" becomes the motto. Sandvik has a substantial lead in indexable inserts in Europe. The See plant in Sandviken that produces cold-drawn tubes and products manufactured from tubes, such as sports equipment, is acquired.
The Göransson family's role as dominant owner is taken over by the Stenbeck family in conjunction with the new share issue. The T-Max technology with indexable cemented-carbide inserts and their tool holders, is introduced by Sandvik in Europe. The UK subsidiary moves to newly constructed offices and production facilities in Halesowen near Birmingham. Wilhelm Haglund new managing director.
Wilhelm Haglund becomes new vice president of production. A new share issue is completed.
The T-Max tool holder (picture) is presented in the U.S. Sandvik has developed a method of producing indexable inserts more cheaply than its competitors. Triumphal progress for Coromant cutting tools and for the manager Sven Wirfelt.
The Indian Prime Minister Nehru visits Sandvik in Stockholm, Sweden (picture). The German subsidiary moves to new premises in Düsseldorf. Production of rock tools starts in Brazil.
Gimo concentrates on standard tools. The first computer is used in Sandviken. A machine is constructed for reaming tool holders for turning tools. Various special machines are designed for the production of cemented-carbide inserts.
The Gammax turning tool, with a mechanically clamped insert, is developed and becomes a door-opener for tool sales. Tools start to be marketed by the major subsidiaries. The U.S. subsidiary moves to new offices and production plants at Fair Lawn, NJ, U.S.
A new blooming mill is taken into operation in Sandviken. Rock tools account for all of the Group's profits when Steel, which accounts for 70% of sales, performs poorly.
The cemented-carbide production plant Coromant-fabriken, in Västberga, Stockholm, Sweden, is completed. Production of cutting tools starts in Fair Lawn, NJ, U.S. The rock tools plant in South Africa wholly owned.
Extension rods are developed for deep-hole drilling. The hot-rolling mill for strip steel and new works for tube production are taken into operation. Modernization of the production facilities in Sandviken initiated.
A new company is set up in Germany. A subsidiary is founded in São Paulo, Brazil.
A part-owned plant for the production of integral drill steels is established in South Africa. Erik W Forsberg becomes managing director.
Production of Bessemer steel is closed in Sandviken. Long-term agreements regarding rock tools are finalized between Sandvikens Jernverk and Atlas Diesel. The concept "the Swedish method" makes its breakthrough in rock drilling. Own production of cemented carbide is initiated.
Cutting tools are sold in Finland and Poland. Sales of rock tools expand considerably. Financial reasons force a post-ponement of portions of the post-war investment program.
The Second World War ends. Exports' share of production increases to 37%. Iron ore from the company's mine in Bodås near Sandviken. Sales organizations in Germany and southern Europe destroyed by the war. Assab (Associated Swedish Steel AB) is founded with other steel companies for sales in distant countries.
An investment program is prepared for the post-war years. Integral drill steels are utilized by customers.
The first cemented-carbide tools for metal cutting are manufactured. Subsidiaries in Italy and Finland start their local production. Sandviken becomes a town.
The Coromant brand name is established following collaboration with KF's Luma-lampan. Cemented carbide-tipped integral drill steels are being developed.
The Second World War starts. Jernverket is now forced to reorganize production and to mainly direct itself to the domestic market in Sweden.
A saw blade production plant is acquired in Italy.
The Southern works for wire and saw production is taken into operation in Sandviken. Jernverket turns 75 and now has subsidiaries in Argentina, Canada, Den- mark, Finland, France, Norway, Poland, Switzerland, Spain, the UK and the U.S.
Worldwide protectionism closes traditional markets for Jernverket's products.
The Group is the first in Europe to perform pilgering of tubes on an industrial scale. A subsidiary is founded in Denmark.
A separate building for the electric melting of steel is built. In Gothenburg, the first of six Swedish sales companies is founded. A company is established in Finland.
Modernization is completed of the hot-rolling operations. A company is founded in Madrid, Spain. Fagersta develops cemented-carbide products.
Investment is made in the partly owned Krångede hydroelectric power station. The first stainless steel conveyor belt is delivered. A jointly owned sales company is established in Argentina.
The substantial level of new investments forces the board to emit a new share issue in the amount of SEK 4 M.
Karl Fredrik Göransson also shoulders the role of chairman. The first electric arc furnace is taken into operation. Investments are made in cold-rolling mills.
Managing director Karl Fredrik Göransson starts subsidiaries. One is founded in Poland. The company in Stuttgart, Germany, comes under majority ownership
Sandviken becomes a municipality.
A subsidiary is set up in the U.S. for the production of watch and clock springs. Another subsidiary is founded in Montreal, Canada, and a sales company is established in South Africa. Investments are made in a blooming mill as well as in mills for the hot rolling of tube, cold rolling of strip and drawing of wire.
The first seamless tubes made of stainless steel are introduced in the market. A decision is taken in favor of a new tube rolling mill due to the demand from the chemical industry.
A subsidiary is established in Paris, France.
Lidköpings Vikingsågar is acquired. Jernverket participates in the Peace exhibition in Tokyo, Japan.
Sales decline 65% during the financial crisis. The unemployed workers request the use of their pension savings as hard-ship money. The first loss is recorded since 1868. Production of stainless steel is started.
Electric melting in an induction furnace is introduced. Karl Fredrik Göransson becomes managing director.
Jernverket's first subsidiary in the U.S. is established with an office on Manhattan in New York. A new forging mill is built in Sandviken, equipped with a large hydraulic press.
The First World War ends. Record sales are reached due to hyperinflation. A UK subsidiary is established for conveyor belts.
Tord Magnuson also assumes the role of chairman.
The First World War breaks out. Foreign receivables are written off. Material for air craft, ball bearings, gun carriage axles and weapon mechanisms are in high demand. Sandvik opens its first sales subsidiary in the UK.
Billets for the re-rolling of tube and pipe are sold to the armaments industry in Germany and the UK. The hot-rolling mill is expanded. Orders are received for precision strip from a big typewriter manufacturer in Italy.
Anders Henrik Göransson passes away after 42 years as managing director. Tord Magnuson becomes the new president. Carl Wilhelm Sebardt takes up the position of chairman of the board.
The general strike in Sweden is followed by a lockout. Production of razor blade steel is implemented and a holding acquired in a German manufacturer of razor blades. The first production outside Sweden is started: wire for pocket watches is produced at a majority-owned subsidiary in Switzerland.
The steel melting plants are modernized. Four blast furnaces and six open-hearth furnaces are now in place. Ball-bearing steel is part of the product range.
Production of hollow drill steel for rock-drilling is started.
The employees in Sandviken form a section of the Swedish iron and metal workers' union.
The Group opens contact with research scientists at Swiss watch and clock manufacturers through a partly-owned subsidiary.
Large-scale electrification of operations is started and requires substantial investment.
The Group starts to produce and deliver steel belts for conveyor installations.
The shares of Sandvikens Jernverk AB are introduced on the Stockholm Stock Exchange.
Göran Fredrik Göransson dies. His son, Anders Henrik Göransson, becomes the new chairman. He is already managing director.
Open-hearth furnaces using the Martin process are installed. The Bessemer age has reached its summit.
Jernverket participates in the Stockholm Exhibition, Sweden. Customers and agents from around Europe visit Sandviken.
The first really good times since the start of the 1870s. 1,510 employees following recruitment efforts.
A mill for hot-rolling of wire rod, strip steel and tube billets is constructed in Sandviken.
New head office. The Group now has 1,120 employees.
Fire in the building complex for storing charcoal. Strip steel for gramophone springs becomes a best-selling product.
Production starts of hot-rolled billets for seamless tube and pipe.
Sales to Japan commences. An agency is established in Switzerland.
The new blooming mill is established. Jernverket's first hand saw is delivered.
An agent is appointed in Italy.
Agency in Germany.
Göran Fredrik Göransson becomes chairman. Production of cold-rolled and hardened strip steel is started.
The new agent in France proposes production of various cold-rolled items, from corset springs to saw blades.
Hot-rolling of strip steel starts in Sandviken.
The Swedish national board of trade approves the use of the "Fish and Hook" trademark. Cold-rolled U-shaped wire for umbrella ribs is a best-selling product.
Market prices are halved and chairman Per Murén injects capital to meet liquidity requirements.
Rolling of wire rod and cold-drawing of wire are started in Sandviken. Participation in the World Fair in Philadelphia, U.S. Sandvik is officially used as a brand name for the first time. A mill for drawing of wire is constructed and wire for the watch and clock-making industry is produced as well as for screws, bicycle spokes and springs.
Important orders are secured from Swedish railway projects.
The earlier high demand in Germany slumps due to the financial crisis and a substantial bond loan is issued. Jernverket now has 440 employees.
Jernverket participates in the Moscow Exhibition. Russia is the company's dominant market during the first half of the 1870s requiring railway material and bayonet steel.
The Group's UK activities start through the import of the company's products by an agent in London and later in Birmingham.
Anders Henrik Göransson travels extensively on sales trips and appoints agents in countries including Russia. Drill steel is used for tunneling operations in Switzerland.
The plant and equipment are acquired at the distress sale and the company is reconstructed under the name Sandvikens Jernverks AB (also called "Jernverket", the Ironworks). The Sandvik name is approved to mark steel bar. The oldest son, Anders Henrik Göransson, is formally appointed managing director of the company and the commercial capitalist Per Murén chairman.
Participation at the Stockholm exhibition. Högbo Stål & Jernwerk and Göran Fredrik Göransson enter into receivership.
Sales are conducted through trading houses in Sweden, Norway, Denmark, the UK, Russia, Germany and France.
The canal is completed. A blast furnace and Bessemer converters are taken into production. One of the largest steam hammers in Europe and a rolling mill for tyres for railway wheels are installed.
Högbo Stål & Jernwerks AB is founded on 31 January in Sandviken, Sweden, by Göran Fredrik Göransson and his associates.
On 18 July, the trials to produce steel utilizing the Bessemer process succeed at Edske.
Göran Fredrik Göransson travels to the UK to procure a steam engine for the Edske blast furnace. He acquires one-fifth of Bessemer's patent for a consideration of two thousand pounds and changes his business plans.
The English inventor Henry Bessemer is granted a patent in the US for a new process for decarbonization of iron. A year prior to this he had received a British patent related to the method. The trading house of Elfstrand in Gävle, Sweden, acquires Högbo bruk and the Edske blast furnace at Hofors.