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On 14 April 1997, Sandvik announced a redemption proposal to an amount of SEK 4,000 M with an application period for the shareholders during the period 7 May to 22 May 1997.
In his address to the shareholders at Sandvik AB's Annual General Meeting on 6 May, 1997, Chief Executive Officer Clas Åke Hedström commented on the 1996 fiscal year.
Prior to the Annual General Meeting in Sandvik AB on 6 May 1997, a proposal for the following Board of Directors will be submitted:
Sandvik, which has held a 55% interest in UK steel distributor RGB since 1994, has acquired the balance of the shares outstanding and is now the sole owner of the company.
Sandvik Steel has received an order from U.S.-based Westinghouse for steam-generator tubes for a nuclear power plant outside Houston, Texas, USA.
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.
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Sandvik is an engineering group in mining and rock excavation, metal-cutting and materials technology.
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