Sandvik completes the acquisition of majority stake in China-based Suzhou Ahno
STOCKHOLM, July 1, 2024 /PRNewswire/ -- 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.
Stockholm, July 1, 2024 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
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