Company:Sandvik

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Short description: Swedish engineering company
Sandvik AB
TypePublicly traded Aktiebolag
IndustryEngineering
Founded1862; 160 years ago (1862)
FounderGöran Fredrik Göransson
HeadquartersStockholm, Sweden
Key people
  • Johan Molin (Chairman of the Board)
  • Stefan Widing (President and CEO)
ProductsTools and tooling systems for metal cutting, mining and rock excavation equipment and tools, stainless steel and special alloy products
RevenueSEK 86.409 billion (2020)[1]
SEK 11.184 billion (2019)[1]
SEK 8.721 billion (2019)[1]
Total assetsSEK 119.128 billion (2019)[1]
Total equitySEK 65.082 billion (2019)[1]
Number of employees
37,125 (2019)[1]
Websitehome.sandvik

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.

Göran Fredrik Göransson, founder of Sandvik.
LH 514 from Sandvik AB.
"AB Sandvik Hard Materials". Facade sculpture on Sandvik's property in Västberga industrial area.

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 Hütten was 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.

In March 2022, it was announced that Sandvik had acquired the mine planning software provider, Deswik with the latter becoming part of Sandvik Mining and Rock Solutions’ business division, Digital Mining Technologies.[2]

See also

  • List of Swedish companies

References

Further reading