Increased ownership in Indian subsidiary Sandvik Asia
Sandvik has today in India announced it's intention to make a public offer to acquire up to 497,269 shares, corresponding to 26.8% of the total share capital in the Indian subsidiary Sandvik Asia Ltd., at a price of INR 850 per share.
The total value of the offer is about SEK 95 M.
Currently, Sandvik controls 73.2% of the shares in Sandvik Asia. At full acceptance of the offer, Sandvik will own 100% of the shares in the company. Through Sandvik's takeover, and resulting control of operations, the Indian subsidiary gains the possibility to utilize the scope and advanced technological resources of the Sandvik Group to a much greater extent.
Sandvik Asia was formed in 1960 and has about 700 employees. Annual sales amount to about SEK 400 M. Cemented-carbide tools for metalworking, rock-drilling tools and wear parts in cemented carbide are produced at the main plant in Pune.
Sandvik Asia is listed on the Bombay Stock Exchange in Mumbai and traded on the National Stock Exchange of India.
Sandviken, 20 March 2001
Sandvik AB; (publ)