SANDVIKEN, Sweden, May 05, 2003 (PRIMEZONE) -- Sandvik AB's Annual General Meeting in Sandviken on 5 May approved the Board's proposed dividend of SEK 10.00 per share for the 2002 fiscal year. The record date to receive the dividend was set at Thursday 8 May. Payment is expected through VPC on Tuesday 13 May.
In his first address as President of Sandvik, Lars Pettersson commented on the 2002 fiscal year and the development during the first quarter this year. He also presented the group's business concept, objectives and values and described the factors of strength underlying the group's global, profitable growth. Sandviks' focus is constantly on its overriding objective of generating higher value for customers.The key driving forces for profitable growth are: Ongoing geographic expansion, growth of new products and new applications areas, complementary company acquisitions and increased capital efficiency.
In accordance with the proposal by the Board, the Meeting resolved to authorize the Board to decide, prior to the next Annual General Meeting, to make additional purchases of the company's own shares. The Board is authorized to buy-back a maximum number of shares that ensures the company's holding at any given time does not exceed 10 percent of all shares in the company. The buy-back is to be effected via the Stockholm Exchange and is part of efforts to adjust the company's capital structure in accordance with established financial objectives.
Board members Georg Ehrnrooth, Clas Ake Hedstrom, Arne Martensson, Lars Nyberg, Anders Nyren and Lars Pettersson were re-elected. Sigrun Hjelmqvist and Egil Myklebust were elected as new members to succeed Per- Olof Eriksson and Mauritz Sahlin, who declined re-election.
Auditors: Authorized Public Accountants Lars Svantemark and Bernhard Ohrn, who were appointed by the ordinarie Annual General Meeting in 2000 for a four year period. Deputy Auditors: Authorized Public Accountants Jan Berntsson and George Pettersson were appointed to succeed Peter Markborn and Ake Nasman, who wished to be released from their assignments prematurely. The employee representatives appointed to the Board are Bo Bostrom (member), Goran Lindstedt (member), Birgitta Karlsson (deputy) and Bo Westin (deputy).
Lorne Massel, President at Tamrock Loaders Inc., in Canada, within business area Sandvik Mining and Construction, received the Wilhelm Haglund Medal for 2003 and was named the group's product developer of the year. He was recognized for the development of a new underground loader with an extremely low height and considerable maneuverability, which is specially designed for the mining of platinum.
Sandviken, 5 May 2003
Sandvik AB (publ)
This information was brought to you by Waymaker http://www.waymaker.net
The following files are available for download:
http://www.waymaker.net/bitonline/2003/05/05/20030505BIT01110/wkr0001.doc
http://www.waymaker.net/bitonline/2003/05/05/20030505BIT01110/wkr0002.pdf