SANDVIKEN, Sweden, July 17, 2017 /PRNewswire/ -- Sandvik has signed an agreement to divest the conveyor components' parts of the Mining Systems business, including the closely related specialist conveyor systems business in Hollola (Finland), to NEPEAN Conveyors Pty Ltd, a privately owned Australian based company.
As announced on 12 July 2017, Sandvik signed an agreement to divest the project business in Mining Systems to FLSmidth.
By divesting also the conveyor components' operations the exit from Mining Systems will be fully executed.
"I am pleased that we now have completed our plan enabling us to further focus on Sandvik's core businesses. NEPEAN is a truly suitable new owner as they have an ambition to continue to develop this offering", says Björn Rosengren, President and CEO of Sandvik.
Mining Systems is a supplier of design and engineering of material handling systems with annual sales 2016 of 2.9 billion SEK, of which the conveyor components' parts corresponded to about 20%.
The closing of the transaction is expected by the end of 2017 and is subject to regulatory approvals.
Mining Systems will continue to be reported in discontinued operations. The transaction will have no or limited impact on earnings per share.
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Sandvik divests conveyor components as the final step in exiting Mining Systems