MARKETS

Sandvik to off load Mining Systems

SANDVIK has signed an agreement to divest its Mining Systems operations to the private equity company CoBe Capital for an undisclosed sum.

Lou Caruana

Sandvik will maintain ownership of ongoing projects which are close to finalization, with the closing of the transaction is expected during the fourth quarter of 2016.

Mining Systems is a supplier of design and engineering of material handling systems for the mining industry.

In 2015 the Mining Systems operations, with 1,100 employees, had annual sales of 5 billion Swedish Krone representing 6% of Sandvik Group revenues, and an operating loss was reported at a low single digit margin level.

Sandvik president and CEO Bjorn Rosengren said: “Divesting the Mining Systems is an important step in consolidating Sandvik to its core operations, which for Sandvik Mining and Rock Technology is high technology mining equipment and aftermarket offerings.”

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