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    SAND   SE0000667891

SANDVIK AB

(SAND)
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Real-time Estimate Cboe Europe  -  11:11 2022-08-12 am EDT
183.28 SEK   +0.15%
08/08Sweden's Sandvik Buys Switzerland's Sphinx Tools
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Sandvik acquires Finland-based Akkurate, a solutions provider of holistic battery management

06/20/2022 | 10:01am EDT

Sandvik has acquired the Finland-based company Akkurate, a frontrunner in holistic battery management, providing remote battery diagnostic- and prognostic platforms. The company will be reported in Load and Haul, a division within the business area Sandvik Mining and Rock Solutions.

"I am very pleased that we continue to execute on our shift to growth strategy. Strengthening our position within electrification is one of the key priorities within Sandvik Mining and Rock Solutions. Sandvik's electric equipment improve productivity and efficiency and contribute to a cleaner working environment, reducing emissions, noise and heat", says Stefan Widing, President and CEO of Sandvik.

With the acquisition of Akkurate, Sandvik will strengthen its leading position in electrification competence and know-how in battery analytics. It accelerates Sandvik's expansion into battery-electric vehicles by enhancing the current offering, and strengthens Sandvik's position as the strongest in-house developer of BEV technology in the industry.

"The acquisition of Akkurate is aligned with our ambition to enhance and power our customers' safety, productivity and sustainability by supplying our leading battery-electric underground solutions. Whether it's about battery auto-swap technology, increasing voltage, extended battery life or equipment capability and reliability, we aim to lead the industry into the electrification era. We look forward to welcoming Akkurate to the Group," says Mats Eriksson, President of the division Load and Haul within Sandvik Mining and Rock Solutions.  

Akkurate, founded in 2016 by members of Nokia/Microsoft's battery R&D team, consists of a team of 12 professionals with in-depth knowledge of Li-ion technology.  Akkurate's head office and battery laboratory is situated in Kaarina (Finland), close to Sandvik's Turku facility. The transaction was signed and closed on June 17, 2022.

Stockholm, June 20, 2022

Sandvik AB

For further information, contact Louise Tjeder, VP Investor relations, phone: +46 (0) 70782 6374 or Johannes Hellström, Press and Media Relations Manager, phone: +46 (0) 70721 1008.

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Sandvik Group
Sandvik is a global high-tech engineering group offering solutions that enhance productivity, profitability and sustainability for the manufacturing, mining and infrastructure industries. We are at the forefront of digitalization and focus on optimizing our customers' processes. Our world-leading offering includes equipment, tools, services and digital solutions for machining, mining, rock excavation, rock processing and advanced materials. In 2021 the Group had approximately 44,000 employees and revenues of about 99 billion SEK in about 150 countries.

https://news.cision.com/sandvik/r/sandvik-acquires-finland-based-akkurate--a-solutions-provider-of-holistic-battery-management,c3588629

https://mb.cision.com/Main/208/3588629/1595101.pdf

(c) 2022 Cision. All rights reserved., source Press Releases - English

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Financials
Sales 2022 107 B 10 655 M 10 655 M
Net income 2022 14 698 M 1 463 M 1 463 M
Net Debt 2022 29 740 M 2 961 M 2 961 M
P/E ratio 2022 15,5x
Yield 2022 3,01%
Capitalization 230 B 22 852 M 22 852 M
EV / Sales 2022 2,42x
EV / Sales 2023 2,18x
Nbr of Employees 38 994
Free-Float 97,2%
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Number of Analysts 23
Last Close Price 183,00 SEK
Average target price 223,36 SEK
Spread / Average Target 22,1%
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Managers and Directors
Stefan Widing President, Chief Executive Officer & Director
Cecilia Felton Chief Financial Officer & Executive Vice President
Johan Molin Chairman
Jennifer Margaret Allerton Independent Director
Claes G÷sta Boustedt Independent Director
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