Sandvik is to divest its Mining Systems business, which supplies design and engineering services for material handling projects in the mining industry.
“Divestment of Mining Systems will make Sandvik Mining more focused on its core operations, mining equipment and aftermarket offerings for both underground and surface mines,” said Sandvik’s CFO and acting President and CEO, Mats Backman.
Last year, the Mining Systems business achieved annual sales of SEK 6.3 billion – or 7% of total group sales – with an operating loss “as a low singly digit level”, the company said.
The Swedish company also said that it would take a SEK1 billion impairment in its results for 3Q15 relating to Mining Systems.
Edited by Jonathan Rowland.
Read the article online at: https://www.worldcoal.com/mining/01102015/sandvik-to-sell-mining-systems-operations-2943/