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.