SDVKF - Sandvik Completes Divestment of Minority Holding in Xiamen Golden Egret Special Alloy Co. Ltd. (Gesac)
STOCKHOLM, July 15, 2020 /PRNewswire/ -- Sandvik Machining Solutions has completed the previously announced divestment of its 10% minority ownership in Gesac, a Chinese joint venture originally formed in 2005. The minority was divested to Xiamen Tungsten Co., Ltd., the majority owner of Gesac.
Purchase price corresponds to approximately SEK 0.7 billion (CNY 0.49 billion), based on current exchange rates and a capital gain of approximately SEK 0.6 billion will be reported in Sandvik's net financial items in the third quarter 2020.
For further information, contact Anna Vilogorac, Investor Relations, phone: +46 70 616 50 19 or Martin Blomgren, Press and Media Relations Manager, phone: +46-70-577-0549.
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SOURCE Sandvik