May 6, 2019 / 11:19 AM / 18 days ago

Sandvik to explore possible listing of Materials Tech unit

STOCKHOLM, May 6 (Reuters) - Swedish engineering group Sandvik said it is considering listing its Materials Technology unit after announcing plans to separate the business from the rest of the group.

“The decision to initiate an internal separation of Sandvik Materials Technology is based on the board’s belief that each part will develop more favourably by itself, increasing opportunities for profitable growth and improving long-term shareholder value,” Sandvik Chairman Johan Molin said in a statement.

“The Board of Directors has also decided to explore the possibility of a separate listing at the Nasdaq Stockholm Exchange, should that strengthen Sandvik Materials Technology’s position and future development,” the company added.

The separation and preparation for a possible listing is expected to take at least a year.

“There is no guarantee that a decision to finally list Sandvik Materials Technology will be taken,” the company added. (Reporting by Johannes Hellstrom, editing by Louise Heavens)

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