During 1997, Sandvik will begin construction of a new tube mill, Tube Mill 98, for production of seamless, stainless-steel heat-exchanger tubes in Sandviken.
Lars Östholm, Executive Vice President of Sandvik AB, will retire on 31 January 1997.
The Special General Meeting of shareholders in Sandvik AB, held in Sandviken 18 June 1996, resolved to divest the company's holding of shares in Tamrock Oy (Tamrock) to Tampella Ab (Tampella).
Through its wholly owned subsidiary Sandvik Invest AB, Sweden, has acquired an additional 9 million shares in Oy Tampella Ab.
Sandvik Invest AB, a wholly owned subsidiary of Sandvik AB, Sandviken, Sweden, has acquired an additional 20,150,173 shares in Oy Tampella Ab, Finland, corresponding to 15.1% of the total number of shares in Tampella.
During the period 10 April through 20 May 1996, Sandvik Invest AB, a wholly owned subsidiary of Sandvik AB, has acquired an additional 115,785 B shares in Kanthal AB.
Sandvik has acquired the remaining 50% of the shares in Sandvik Villares Wire Ltda in Brazil from its partner Acos Villares.
In his address to the shareholders at Sandvik AB's Annual General Meeting on 10 May 1996, Chief Executive Officer Clas Åke Hedström commented on the very successful operations in fiscal year 1995.
Sandvik has held a 25% interest in Tamrock Oy of Finland since 1991.
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