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Sandvik acquires 51 % of MGS of Brazil

Sandvik Materials Handling (SMH), a product area whithin Sandvik Mining and Construction (SMC), has acquired 51 percent of Manuseio de Granéis Sólidos S.A (MGS) from the members of the management team, who retain 49 percent of the company.

MGS is the leading supplier of long overland conveyors in Brazil. Customers are major Brazilian mining companies, ports and other bulk materials handling companies. MGS reported annual sales in 2003 of USD 32 million, with 65 employees. The company is headquartered in Sao Paulo.

"The acquisition provides SMH access to the expanding Brazilian mining sector, especially to the iron-ore handling segment in which demand is growing rapidly," says Lars Josefsson, President of the Sandvik Mining and Construction business area.

MGS provides SMH with local engineering and projecting know-how combined with long experience in the field.

"The overland conveyor expertise of MGS combined with advanced materials handling technology of SMH forms complete solutions for highly demanding applications," says Lars Josefsson. "In addition, the strong marketing and service organization of Sandvik in South America creates a platform to serve the customers during the entire life cycle of the equipment."

Sandviken 15 March 2004

Sandvik AB; (publ)