Sandvik announced on 21 December 2010 an agreement with the owners of Shanghai Jianshe Luqiao Machinery Co. Ltd. (SJL) to acquire 80% of the equity interest in the company with the established trademark SHANBAO. The company has about 1,000 employees and invoicing in 2010 was close to 1 billion SEK.
The acquisition was completed on 9 October 2011 and will be consolidated into Sandvik Mining and Construction as of the same date. The work to integrate the SJL in business area Sandvik Mining and Construction will start immediately.
From 1 January 2012, the SJL will be a part of the new business area, Sandvik Construction.
Sandviken, 11 October 2011
Sandvik Aktiebolag (publ)