Sandvik increases focus on main areas
As a step in the increased focus on the Sandvik Group's main areas, a decision has been taken regarding a reorganization to strengthen operations within the Sandvik Tooling business area.
As of 1 May 1999, Sandvik Hard Materials business sector is included in this business area in addition to Sandvik Coromant and CTT Tools.
Accordingly, the new Sandvik Tooling comprises three world-leading and highly successful companies in their respective niches. The possibilities are created within the business area to further enhance utilization of the companies' common strength factors and synergies for increased efficiency and growth.
The combined sales of these units in 1998 amounted to nearly SEK 13,600 M, with operating profit of about SEK 2,700 M and some 13,600 employees.
Lars Pettersson has been appointed President of Sandvik Tooling. He will continue to serve as President of Sandvik Coromant. The management group of the business area comprises Executive Vice President Håkan Larsson, President of CTT Tools, and Executive Vice President Lars Wahlqvist, President of Sandvik Hard Materials.
Sandvik's other main areas are Sandvik Specialty Steels and Sandvik Mining and Construction.
Sandviken 3 May 1999
Sandvik AB; (publ)