STOCKHOLM, Sweden, Jul 3, 2024 – Sandvik has completed the previously announced acquisition of a majority stake in the leading China-based company Suzhou Ahno Precision Cutting Tool Technology Co., Ltd. (Ahno) from the current majority owner, Ningbo Baosi Energy Equipment Co., Ltd and related parties. The company will be reported within the business area segment Sandvik Machining Solutions.
The company was founded in 2002, has approximately 1,200 employees and is headquartered in Suzhou, China. In 2023, the company generated revenues of approximately CNY 812 million (1.2 BSEK), mainly from China. The impact on Sandvik’s EBITA margin will be limited. The impact on Sandvik’s earnings per share (excluding non-cash amortization effects from business combinations) will be positive.
About Sandvik Group
Sandvik is a global, high-tech engineering group providing solutions that enhance productivity, profitability and sustainability for the manufacturing, mining and infrastructure industries. We are at the forefront of digitalization and focus on optimizing our customers’ processes. Our world-leading offering includes equipment, tools, services and digital solutions for machining, mining, rock excavation and rock processing. In 2022 the Group had approximately 40,000 employees and revenues of about 112 billion SEK in about 150 countries within continuing operations.
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