Sandvik : Seeks Separate Listing of Sandvik Materials Technology Unit

By Dominic Chopping

STOCKHOLM--Swedish engineering group Sandvik AB said Friday that following the completion of the internal separation of its Sandvik Materials Technology unit, the group will prepare to distribute shares in the unit to Sandvik's shareholders and list them on the Nasdaq Stockholm Exchange.

The company intends to propose the distribution and listing of SMT shares at a shareholders meeting in 2022, provided that the circumstances are deemed right at the time.

"The board believes that both Sandvik and Sandvik Materials Technology can develop more favorably on their own," said Sandvik Chairman Johan Molin. "Both Sandvik and SMT are well positioned within their areas and we believe this will improve long-term shareholder value," he said.

Write to Dominic Chopping at [e-mail]

(END) Dow Jones Newswires

10-16-20 0602ET