Sandvik has signed an agreement to divest Sandvik Process Systems to FAM AB, owned by the three largest Wallenberg foundations, at a price of 5.0 billion SEK. Sandvik Process Systems delivers advanced industrial process solutions based on high-end steel belts, steel belt based equipment and process solutions within adjacent technologies.
In 2016 the operations, with approximately 600 employees, had reported revenues of 1.7 billion SEK representing 2 % of Sandvik’s total revenues and with a strong operating margin. The closing of the transaction is expected no later than early 2018 and is subject to the approval of relevant authorities. Upon closing, the transaction will generate a substantial capital gain to be reported in Sandvik’s financial statements.