Sandvik’s President and CEO Olof Faxander has commented on the group’s fourth quarter 2011 results. Faxander stated, “Overall Sandvik’s business was stable in the fourth quarter with good performance especially in Sandvik Tooling but also in Sandvik Mining and Construction. In Sandvik Materials Technology, the scenario was more fragmented, with high demand in the oil and gas industry offset by weakness in several other segments. The North American market was stable during the quarter, as was much of Europe and Asia.”
“At fixed exchange rates invoiced sales rose 9% and amounted to 25.1 billion SEK, the highest in the Group’s history. Order intake declined by 7% largely due to a significant drop in demand for major projects compared with the year-earlier period. Adjusted for one-off costs of 1.6 billion the operating profit was 3.2 billion SEK.”
Faxander commented on the group’s recent structural changes, stating, “Major organisational changes always run a certain risk of the company becoming too internally focused. I am therefore delighted to see that the process has been fast and efficient and that the new organization is now in place. The Group’s financial goals have also been updated. It is also satisfying that we have received such large acceptance of our redemption offer to Seco Tools’ shareholders. The Board of Directors have, based on Sandvik’s strong market position and earnings capabilities, decided to propose an increased dividend to 3.25 SEK (3.00) per share.”
Sandvik celebrates 150 years
On 31 January it was 150 years to the day since Göran Fredrik Göransson’s new company was formed in Sandviken, Sweden.
At that time, Sandvik was first in the world to use the Bessemer process, which would revolutionise steel manufacturing. The company quickly became one of the world’s leaders in its industry. Today it has 50,000 employees across the globe.
On 31 January a special anniversary flag was hoisted and a spectacular fireworks display took place in Sandviken.
An anniversary issue of the Group magazine Meet Sandvik has been published in 14 languages and a book presenting the company’s successful development will be released in March. During the anniversary year, various events will be arranged by all of Sandvik’s companies worldwide.
Visit a special area of the Sandvik website for more information on the last 150 years