Sandvik Aktiebolag's Annual General Meeting 2001
Sandvik AB's Annual General Meeting in Sandviken, Sweden, on 7 May approved the Board's proposal of a dividend of SEK 9.00 per share for fiscal year 2000.
The Meeting approved 10 May 2001 as the record date, which means that the distribution of dividends from VPC is expected to occur on 15 May 2001.
The Meeting also resolved in accordance with the Board of Directors' proposal to authorize the Board during the period to the next Annual General Meeting to acquire shares in the company. The purchase shall be made on the Stockholm Exchange and is limited by the company's total holding of own shares may not at any time exceed 5 percent of the shares outstanding in the company.
The buyback is a step in an adjustment of the company's capital structure in accordance with established financial objectives. A repurchase at prevailing market price would increase Sandvik's return on shareholders equity and raise earnings per share.
At the statutory Board Meeting today, the Board decided to utilize the authorization it received from the Annual General Meeting to acquire shares in the company.
In his address to the shareholders at the Meeting, Chief Executive Officer Clas Åke Hedström commented on the 2000 fiscal year, development in the first quarter of this year and the long-term development of the Group as a background to the new aggressive growth objectives that were announced in August 2000. The CEO also presented several examples of Sandvik as a knowledge-based company, with investments in leadership and skills development and an investment in an independent school with a technical orientation to facilitate future recruiting.
The following were elected members of the Board: Percy Barnevik, Georg Ehrnrooth, Per-Olof Eriksson, Clas Åke Hedström, Arne Mårtensson, Lars Nyberg, Clas Reuterskiöld and Mauritz Sahlin (all re-elected).
The auditors are: Authorized Public Accountants Lars Svantemark and Bernhard Öhrn. Deputy auditors: Authorized Public Accountants Peter Markborn and Åke Näsman. The employee representatives appointed to the Board are: Bo Boström (member), Göran Lindstedt (member), Birgitta Karlsson (deputy) and Bo Westin (deputy).
Mats Waldenström, D. Eng., at Sandvik Coromant and Egmont Lammer, MSc. Eng. at VA-Eimco received the Wilhelm Haglund Medal for 2001 and were named with Jan Åkerman, MSc. Eng., VA-Eimco, as the product developers of the year within the Group. Waldenström was recognized for development of a new process for manufacturing cemented-carbide powder, while Lammer and Åkerman were cited for a new method of mechanical mining in harder rock.
Sandviken, 7 May 2001
Sandvik AB; (publ)