Jump to content

You are now visiting the Sandvik Group website in English. Would you like to switch to another language site with selected content translated?

Sandvik's annual general meeting 1997

In his address to the shareholders at Sandvik AB's Annual General Meeting on 6 May, 1997, Chief Executive Officer Clas Åke Hedström commented on the 1996 fiscal year.

He also reported on the Group's successful expansion strategy. The strong cash flow from operations supports further investments in the already previously extensive research and development activities, additional company acquisitions and other investments as well as a continued ambitious dividend policy. He also commented on development in the first quarter of 1997, reporting that order intake rose 6% at fixed exchange rates, compared with the fourth quarter of 1996. The positive trend continued during April, he said.

The Meeting approved the Board's proposal of a dividend for 1996 of SEK 6.50 per share, corresponding to SEK 1,810 M (1995: SEK 6.00 per share, SEK 1,640 M). The record date was set at 12 May 1997, which means that distribution of the dividend is anticipated to be made on 20 May 1997.

The following were elected to the Board of Directors: Percy Barnevik, Georg Ehrnrooth (newly elected), Per-Olof Eriksson, Clas Åke Hedström, Lars Ivar Hising (formerly deputy), Clas Reuterskiöld (newly elected), Mauritz Sahlin and Sven Ågrup.

Auditors: Authorized Public Accountant Lars Svantemark, Authorized Public Accountant Bernhard Öhrn. Deputy auditors: Authorized Public Accountant Peter Markborn, Authorized Public Accountant Åke Näsman. Representatives appointed by the employee organizations are Bo Boström (member), Göran Lindstedt (member), Jan Broberg (deputy) and Per-Åke Franklind (deputy).

The Meeting approved revisions of the Articles of Association involving
that the limits for share capital were changed from the present
SEK 1,360 M – SEK 5,440 M to SEK 1,200 M – SEK 4,800 M
that that the clause regarding Series C shares in the Articles of Association be omitted, and
that the maximum number of Board members be increased from seven to eight.

The Meeting also resolved to authorize the Board, excluding preferential rights to shareholders, to decide on a new issue with a total issue proceeds of a maximum of SEK 150,000,000. The new issue shall be made on market terms.

The decision on a reduction of share capital through the redemption of shares will be made at a Special General Meeting scheduled to be held on 9 June 1997.

The Wilhelm Haglund Medal for the product developer of the year within the Group was awarded to Björn Ljungberg at Sandvik Coromant for development of new cemented-carbide grades.

Sandviken, 6 May 1997

SANDVIK AB; (publ)

We would like your consent

Sandvik and our vendors use cookies (and similar technologies) to collect and process personal data (such as device identifiers, IP addresses, and website interactions) for essential site functions, analyzing site performance, personalizing content, and delivering targeted ads. Some cookies are necessary and can’t be turned off, while others are used only if you consent. The consent-based cookies help us support Sandvik and individualize your website experience. You may accept or reject all such cookies by clicking the appropriate button below. You can also consent to cookies based on their purposes via the manage cookies link below. Visit our cookie privacy policy for more details on how we use cookies.