The board of directors of Sweden’s Sandvik AB has announced that, following the completion of the internal separation of Sandvik Materials Technology (SMT), the group will proceed with the preparation to distribute SMT to Sandvik’s shareholders, and list the company’s shares on the Nasdaq Stockholm Exchange.
The board reportedly intends to propose the distribution and listing of the SMT shares at a shareholders’ meeting in 2022, provided that the circumstances are deemed right at the time. The intended distribution of shares is expected to meet the Lex Asea requirements and is subject to approval by Sandvik’s shareholders.
“The board believes that both Sandvik and Sandvik Materials Technology can develop more favourably on their own. Both Sandvik and SMT are well positioned within their areas and we believe this will improve long-term shareholder value. However, a listing should be done when circumstances are favourable,” stated Johan Molin, Chairman of the Sandvik Board of Directors.
“Sandvik Materials Technology is leading in its field, I’m convinced that this is the right direction for SMT and for Sandvik,” added Stefan Widing, President and CEO of Sandvik.
“I’m very pleased with that the Sandvik Board of Directors has taken this decision today. It is an important step towards an exciting future,” stated Göran Björkman, President of Sandvik Materials Technology.