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SDVKY Sandvik AB (PK)

20.19
0.00 (0.00%)
31 Jul 2024 - Closed
Delayed by 15 minutes
Name Symbol Market Type
Sandvik AB (PK) USOTC:SDVKY OTCMarkets Depository Receipt
  Price Change % Change Price Bid Price Offer Price High Price Low Price Open Price Traded Last Trade
  0.00 0.00% 20.19 20.50 20.70 0.00 13:14:55

Sandvik Restructures Wire And Strip Operations, Cuts 100 Jobs

18/01/2012 9:24am

Dow Jones News


Sandvik AB (PK) (USOTC:SDVKY)
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Swedish engineering company Sandvik AB (SAND.SK) Wednesday said it will stop production at its wire and resistance strip operations in the Swedish town Hallstahammar over the next 18 months, reducing its workforce there by 100 people.

The company said the measures are part of a program announced by its Materials Technology unit in September, 2011 to restructure its wire-and strip operations.

Sandvik said the company aims to phase out wire products that aren't sufficiently profitable or don't form part of the core business. It added that some of its wire production will be transferred to the Swedish town Sandviken and to plants in India and China from Hallstahammar.

At 0838 GMT shares traded 1.3% lower at SEK94.75.

-By Katarina Gustafsson, Dow Jones Newswires +46-8-5451-3097; katarina.gustafsson@dowjones.com

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