STOCKHOLM, Sweden, May 17, 2002 (PRIMEZONE) -- Sandvik Hard Materials has decided on closure of production of cemented-carbide seal rings and wear parts in Espergaerde, Denmark, and transfer production to the unit in Barcelona, Spain. The action affects slightly more than 100 employees and is expected to be completed within the next 12 months. About 30 new employees will be recruited in Barcelona.
The closure is part of Sandvik Tooling's on going program of change that comprises a concentration of the number of production and logistics units to increase efficiency and profitability within the business area.
"Consolidation of the number of production units is necessary for our continuing focus on areas with higher growth and profitability," said Sven Flodmark, President of Sandvik Hard Materials.
Stockholm, 17 May 2002
AB Sandvik Hard Materials For further information contact: Sven Flodmark, President of AB Sandvik Hard Materials tel +46 8-762 63 01
Sandvik is a high-technology engineering group with advanced products and world-leading positions in selected areas - tools for metalworking, machinery and tools for rock excavation, stainless steel, special alloys and resistance heating materials and process systems. The Group has 36,000 employees in 130 countries, with annual sales of approximately SEK 50 billion.
Sandvik Hard Materials is a sector within Sandvik Tooling and a world leader in such product areas as cemented-carbide blanks for tool manufacturers, components for the engineering industry and advanced cutting and forming tools for other industries. Annual sales are approximately SEK 1,800 M with about 1,300 employees.
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