SDVKY - Sandvik to propose distribution and listing of SMT to the AGM announces the planned new name

PR Newswire

SANDVIKEN, Sweden , March 23, 2022 /PRNewswire/ -- The Sandvik Board of Directors has today decided to propose the distribution and listing of Sandvik Materials Technology (SMT) to the Annual General Meeting, which takes place on April 27, 2022 . The listing is planned to take place on the Nasdaq Stockholm Exchange on August 31, 2022 , and is expected to meet the Lex Asea requirements. Sandvik has also decided that Alleima will be the new name of SMT, provided shareholder approval to distribute and list SMT.

"We are pleased to take the next step in this process and propose the distribution and listing of SMT to the Annual General Meeting. We are convinced that this will increase long-term shareholder value, and that both Sandvik and Sandvik Materials Technology can develop more favorably on their own", says Johan Molin , Chairman of the Sandvik Board of Directors.

The name Alleima combines two core strengths of SMT's business – alloy and material – with alei, an old version of the word alloy, as the foundation.

"Alleima captures the core of what we do, our history and our unique capabilities in a great way. We believe it will serve us very well going forward as a stand alone company, and enable us to evolve our current leading position in materials technology into a market leader for the advanced materials for the future," says Andreas Nordbrandt, Chairman of the SMT Board of Directors and Göran Björkman, President of SMT.

Stockholm , March 23, 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.

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SOURCE Sandvik