Sandvik shareholders decided to distribute and list Alleima

SANDVIKEN, Sweden, April 27, 2022 /PRNewswire/ -- The Sandvik AB Annual General Meeting on April 27 decided, in accordance with the Board of Directors' proposal, to distribute all shares in the wholly owned subsidiary Alleima (former business area Sandvik Materials Technology) to the shareholders of Sandvik. The Sandvik Board of Directors was authorized to determine the record date for the distribution, expected to be August 29, 2022. The first day of trading in the Alleima shares is expected to be August 31, 2022, on Nasdaq Stockholm.

"We are very pleased with the decision by Sandvik's shareholders. We now very much look forward to establishing Alleima as a standalone listed company and develop our position as a market leader in advanced materials for the future", says Andreas Nordbrandt, Chairman of the Board of Directors of Alleima.

Alleima will host its first Capital Markets Day on August 23, 2022. The Capital Markets Day will provide an in-depth overview of Alleima's product offering, key customer segments, strategic direction and financial targets as a standalone listed entity. 

More information on the listing and distribution of Alleima, including information brochure, key dates and events, and frequently asked questions can be found on home.sandvik/en/investors/alleima-listing/.

Alleima financial targets and dividend policy

The Board of Directors of Alleima has, as previously announced, adopted the following financial targets and dividend policy:

• Deliver profitable organic revenue growth in line with or above growth in targeted end markets over a business cycle
• Adjusted EBIT margin to average above 9 percent over a business cycle
• Net debt in relation to Equity below 0.3x
• Dividend on average 50 percent of profit for the period (adjusted for metal price effects) over a business cycle. Dividends to reflect the Company's financial position, cash flow and outlook

Important indicative dates:

August 4 ? Publication of Alleima's prospectus

August 23 ? Alleima Capital Markets Day

August 25 ? Last day of trading in Sandvik shares with the right to receive shares in Alleima

August 26 ? First day of trading in Sandvik shares without the right to receive shares in Alleima

August 29 ? Record date for distribution of the Alleima shares

August 31 ? First day of trading in the Alleima shares on Nasdaq Stockholm

Stockholm, April 27, 2022

Sandvik AB

For further information, contact Louise Tjeder, VP Investor relations, phone: +46 (0) 70782 6374 or Johannes Hellström, Press and Media Relations Manager, phone: +46 (0) 70721 1008.

Sandvik Group

Sandvik is a global high-tech engineering group offering 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, rock processing and advanced materials. In 2021 the Group had approximately 44,000 employees and revenues of about 99 billion SEK in about 150 countries.

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SOURCE Sandvik