Sandvik has earlier announced the ambition to close the Mining Systems transaction during Q4 2016. The deal will not be finalized according to the original plan as all conditions for closing have not been met.
Sandvik has signed an agreement to divest its Mining Systems operations, reported in the Sandvik income statement as discontinued operations, to the private equity company CoBe Capital. Sandvik will maintain ownership of ongoing projects which are close to finalization.
As part of the new organizational structure for Sandvik, ZZ Zhang, currently Executive Vice President and Head of Emerging Markets, will leave his assignment as member of the Group Executive Management team.