Sandvik sells its minority holding in Chinese tungsten JV Gesac

May 13, 2020

Sandvik Machining Solutions, a division of Sandvik AB, headquartered in Stockholm, Sweden, has divested its 10% minority ownership in Xiamen Golden Egret Special Alloy Co., Ltd. (Gesac), a Chinese joint venture formed in 2005.

Sandvik Machining Solutions reportedly established the joint venture with Xiamen Tungsten Co., Ltd., the majority owner of Gesac, in order to secure the supply of tungsten. Since then, Sandvik Machining Solutions has expanded its cutting tool recycling capabilities as well as acquired Wolfram Bergbau und Hütten in 2009, a world-leading supplier of tungsten powders.

Sandvik’s minority holding will be divested to Xiamen Tungsten Co., Ltd., with the purchase price corresponding to approximately SEK 0.7 billion, based on current exchange rates and upon closing a capital gain of approximately SEK 0.6 billion reported in Sandvik’s net financial items. The closing of the divestment is expected during the summer of 2020.

www.home.sandvik

www.en.gesac.com.cn

www.xiamentungsten.com

In the latest issue of PM Review…

Download PDF

Extensive Powder Metallurgy industry news coverage, and the following exclusive deep-dive articles and reports:

  • “Scrap is the new gold” and other hardmetal and hard materials insights from Euro PM2023 Congress, Lisbon
  • IperionX: A Powder Metallurgy route to lower-cost recycled titanium plate, billet, bar and preforms with reduced CO2 emissions
  • A review of the sintering of iron-copper-carbon alloys for structural Powder Metallurgy applications

The latest news from the world of metal powders, delivered to your inbox

Don't miss any new issue of PM Review, and get the latest industry news. Sign up to our weekly newsletter.

Sign up

Join our community

Discover our magazine archive…

The free-to-access PM Review magazine archive offers unparalleled insight into the world of Powder Metallurgy from a commercial and technological perspective through:

  • Reports on visits to leading PM part manufacturers, metal powder manufacturers and industry suppliers
  • Articles on technology and application trends
  • Information on materials developments
  • Reviews of key technical presentations from the international conference circuit
  • International industry news

All past issues are available to download as free PDFs or view in your browser.

 

Browse the archive

 

Looking for PM production equipment, metal powders, R&D support and more?

Discover suppliers of these and more in our
advertisers’ index and buyer’s guide, available in the back of PM Review magazine.

  • Powders & materials
  • Powder process, classification & analysis
  • PM products
  • Atomisers & powder production technology
  • Compaction presses, tooling & ancillaries
  • Sintering equipment & ancillaries
  • Post-processing
  • Consulting & toll sintering
View online
Share via
Copy link