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    FNM   SE0005468717

FERRONORDIC AB (PUBL)

(FNM)
  Report
Delayed Nasdaq Stockholm  -  03:11 2022-09-27 am EDT
30.65 SEK   +2.17%
09/19Ferronordic AB(OM:FNM) dropped from S&P Global BMI Index
CI
09/15Sandvik, Ferronordic Sign New Distribution Deals, Terminate Russia Agreement
MT
09/15Ferronordic and Sandvik enter into distributor agreements for Germany and Kazakhstan and terminate agreements for Russia
AQ
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Ferronordic : expands cooperation with Sandvik in Russia

10/25/2021 | 08:46am EDT

Ferronordic has entered into an agreement to become the distributor of Sandvik stationary crushing and screening equipment in Russia. Under the agreement, Ferronordic will be responsible for sales, service and repair of Sandvik's stationary crushing equipment throughout the country. Over time, Ferronordic expects that sales related to the new products may represent approx. 7% of its revenue in Russia.

Sandvik Rock Processing Solutions, a business area within Sandvik, has appointed Ferronordic its authorized distributor for its stationary crushing and screening equipment in Russia. As a result, Ferronordic will become responsible for the sales and service of Sandvik's stationary crushers and screens in all of Russia in the construction segment and parts of the country in the mining segment. The agreement follows the appointment of Ferronordic as distributor of Sandvik mobile crushing and screening equipment in Russia in March 2021 and expands the partnership between Ferronordic and Sandvik Rock Processing Solutions in Russia.

Sandvik's portfolio of stationary crushers and screens includes jaw crushers, cone crushers, hybrid crushers, feeders and screens. Areas of application for Sandvik's crushers and screens mainly include mines and quarries.

Over time, Ferronordic expects that equipment- and aftermarket sales related to Sandvik's mobile and stationary crushers and screens may represent approx. 5% and 7% respectively of its revenue in Russia. Gross margin and working capital requirements are expected to be comparable to Ferronordic's existing product offering in Russia/CIS.

Håkan Karlsson, VP and Head of Global Sales Stationary Crushing and Screening at Sandvik Rock Processing Solutions, comments "We are pleased to expand our cooperation with a trusted partner like Ferronordic. Ferronordic's reputation in the market, strong network and extensive local experience will allow us to further improve customer satisfaction and grow the Sandvik brand in Russia.

Lars Corneliusson, Ferronordic's CEO, comments: "We are excited to grow our partnership with Sandvik and extend our offering with highly complementary premium products. Sandvik's crushing and screening equipment is leading in innovation and productivity. We look forward to working together to further strengthen Sandvik's positon in Russia and to deliver further value to our customers."

The agreement has been signed and takes effect on 1 January 2022. Ferronordic will start marketing and selling the new product range from January 2022. 

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About Ferronordic           

Ferronordic is a service and sales company in the areas of construction equipment and trucks. It is the dealer of Volvo Construction Equipment and certain other brands in all of Russia and Kazakhstan, aftermarket partner of Volvo Trucks and Renault Trucks in part of Russia, and dealer of Volvo Trucks and Renault Trucks in part of Germany. The company also offers contracting services where it owns and operates equipment to carry out works for customers. Ferronordic began its operations in 2010 and now has approx. 100 outlets and approx. 1,700 employees. Ferronordic's vision is to be regarded as the leading service and sales company in its markets. The shares in Ferronordic AB (publ) are listed on Nasdaq Stockholm. www.ferronordic.com

For Media Relations, please contact:

Ceren Wende, Director, Marketing & Communication, Tel. +46 73 658 59 80, or ceren.wende@ferronordic.com

For Investor Relations, please contact:

Erik Danemar, Group CFO and Head of Investor Relations, Tel. +46 73 660 72 31, or erik.danemar@ferronordic.com

Ferronordic AB (publ)

Nybrogatan 6

114 34 Stockholm

Corporate ID no. 556748-7953

Phone:   +46 8 5090 7280

This is information that Ferronordic AB (publ) is obliged to disclose pursuant to the EU Market Abuse Regulation. The information was submitted for publication on 25 October 2021, 14:45 CET.

https://news.cision.com/ferronordic-ab/r/ferronordic-expands-cooperation-with-sandvik-in-russia,c3439462

https://mb.cision.com/Main/1463/3439462/1485719.pdf

(c) 2021 Cision. All rights reserved., source Press Releases - English

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Financials
Sales 2022 5 947 M 526 M 526 M
Net income 2022 137 M 12,2 M 12,2 M
Net Debt 2022 405 M 35,8 M 35,8 M
P/E ratio 2022 3,33x
Yield 2022 2,36%
Capitalization 436 M 38,6 M 38,6 M
EV / Sales 2022 0,14x
EV / Sales 2023 0,14x
Nbr of Employees 1 818
Free-Float 63,6%
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Last Close Price 30,00 SEK
Average target price 59,50 SEK
Spread / Average Target 98,3%
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Managers and Directors
Lars Corneliusson President, Chief Executive Officer & Director
Erik Danemar Chief Financial Officer & Head-IR
Staffan Jufors Chairman
Erik Eberhardson Independent Director
Annette Brodin Rampe Independent Director
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