Sandvik

Company Registration No. :
SAND123456

Company Location :
Stockholm, Sweden

SHORT BUSINESS DESCRIPTION

Sandvik AB is a Swedish multinational engineering company specializing in metal cutting, digital and additive manufacturing, mining and construction, stainless and special steel alloys, and industrial heating. The company was founded in Sweden in 1862. In 2020, the Sandvik Group had approximately 37,000 employees and revenues of about 86 billion SEK in more than 160 countries. Europe accounted for 35% of its sales, followed by North America (22%), Asia (20%), Africa/Middle East (9%), Australia (9%) and South America (5%).

Business areas

Sandvik's operations are grouped into four business areas.

Sandvik Manufacturing and Machining Solutions manufactures tools and tooling systems for metal cutting. Its brands include Sandvik Coromant, Seco, Dormer Pramet and Walter. It also offers digital and additive manufacturing.
Sandvik Mining and Rock Solutions supports the mining and construction industries. Applications include rock drilling, rock cutting, loading and hauling, tunneling and quarrying. Its brands include Artisan, Inrock and Newtrax.
Sandvik Rock Processing Solutions specializes in rock and mineral processing for the mining and construction industries, including crushing, screening, breaking and demolition.
Sandvik Materials Technology manufactures stainless steels and special alloys, including tubular products, bar and strip. It also offers products for industrial heating.

History

The beginning

The company was founded by Göran Fredrik Göransson in 1862. He was an early user of the Bessemer process on an industrial scale. The company started as Högbo Stål & Jernverks AB in Sandviken, Sweden and was later reorganized as Sandvikens Jernverk (Ironworks) AB in 1868. The Sandvik brand name was first used officially in 1876 when Sandvik began selling products in the USA. Sandvikens Jernverk was introduced on the Stockholm Stock Exchange in 1901.

In the 1860s, sales were conducted through trading houses in Sweden, Norway, Denmark, the UK, Russia, Germany and France. In 1914 the company opened its first sales subsidiary in the UK. This was the start of a long period of expansion as subsidiaries were opened around the world.

Early years

Sandvikens Jernverk introduced the first seamless tubes made of stainless steels on the market in 1924 and by 1934 was the first in Europe to perform pilgering of tubes on an industrial scale. The Second World War forced the company to reorganize production. In 1942, the Sandvik Coromant brand was established and the first cemented-carbide tools for metalworking were manufactured a year later. Bessemer steel production was discontinued in 1947.

By 1967 Sandvikens Jernverk had 40 subsidiaries and sales in 100 countries. The company changed its name to Sandvik AB in 1972 and many new factories and acquisitions followed, including Osprey. Cemented carbide production took off and the first Rotoform equipment was developed.

1980–2000

Sandvik experienced a substantial decline in 1982-1983 and in 1983 the company recorded its first loss in 62 years. Restructuring measures, a new, decentralized organization and focus on strong areas brought earnings and profitability back on track in only a couple of years.

Sandvik began investing in Eastern Europe in 1989 and subsidiaries and plants were opened in Eastern Europe and Asia.

In 1994, Sandvik started producing diamond-coated carbide cutting inserts on an industrial scale. Safurex®, a high-alloy duplex stainless steel, was developed in 1996. In 1999, Sandvik divested its Saws and Tools business areas.

2000 to present

Automation and remote control of mining equipment, Automine®, was introduced in mines in Canada and Sweden in 2001. In 2004, Sandvik's Kanthal division developed the production of high-temperature alloys via powder metallurgy. In 2002, Sandvik acquired a majority shareholding in German tool manufacturer Walter and Austrian tungsten producer Wolfram Bergbau und Hüttenwas acquired in 2009. In 2014, Sandvik companies Dormer, Safety, Impero and Pramet came together to create Dormet Pramet.

In 2017, the divestments of Process Systems and Mining Systems were completed.

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