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Sandvik acquires tube manufacturer in Germany

Sandvik has reached an agreement covering the acquisition of the German company Poppe & Potthoff's unit for production of stainless steel precision tube.

The remaining portion of the company's production is not covered by the agreement. Annual sales amount to about SEK 160 M, with 80 employees.

The acquisition, scheduled to be concluded as of 1 July 1998, is conditional upon the approval of requisite authorities. A new company, Sandvik P&P, will be formed for the continuing operations.

The Poppe & Potthoff plant, is based in Werther near Bielefeld in Ostwestfalen, manufacturing seamless precision small size, thick wall tubes and coiled tubing for instrumentation and high pressure applications, capillary and medical implant tubes and tubes with special surface finishes.

Per Ericson, President of Sandvik Steel says "Poppe & Potthoff have been a Sandvik customer for several decades and its integration into our total stainless steel manufacturing capability is a natural move forward. Through access to the resources of the Sandvik Group, we intend to further develop Sandvik P&P into new application areas and to achieve synergies with other Sandvik tube manufacturing facilities."

Sandviken, 5 May 1998

AB Sandvik Steel

Sandvik Steel is one of the world's leading manufacturers of tube, strip, wire and bar for advanced applications. Products are produced mainly in stainless steel and special alloys. In addition to the main plants in Sandviken, Sweden, there are 20 plants in 11 countries worldwide. Sales in 1997 amounted to SEK 9,750 M, with 7,400 employees, of whom 4,000 in Sandviken, Sweden.