Sandvik to divest Sandvik Sorting Systems
Sandvik has reached an agreement with the French company Cinetic Industries, a subsidiary to the industrial group Compagnie de Fives-Lille (Fives-Lille) on the divestment of Sandvik Sorting Systems, which is a part of product area Sandvik Process Systems within the Sandvik Materials Technology business area.
Sandvik Sorting Systems has operations in Italy, the US and Japan and produces sorting systems for example postal, parcel and baggage handling. Operations today have sales of about SEK 1,000 M, with 300 employees. All units within Sandvik Sorting Systems will transfer to Cinetic Industries in conjunction with the acquisition.
Fives-Lille is a global industrial group which designs and supplies process equipment and plant facilities on a turnkey basis for major players in the metal, automotive/logistics, cement and energy industries.
Fives-Lille is currently a partner to Sandvik Sorting Systems on the French market.
"The divestment of Sandvik Sorting Systems is part of the effort to phase out operations that are outside of the defined core operations for Sandvik Materials Technology," says Peter Gossas, President of Sandvik Materials Technology.
The divestment is expected to take place on 30 June, 2007, subject to the obtaining of the appropriate approvals of the relevant antitrust authorities.
Sandviken, 15 May 2007
Sandvik AB; (publ)