Sandvik AB is a high-tech and global engineering group with approximately 42,000 employees and sales in more than 160 countries. The company was founded in Sweden in 1862. Sandvik has operations within tools and tooling systems for advanced metal-cutting, tools and solutions for the mining and construction industries and manufacturing of advanced stainless steels, powder-based alloys and specialty alloys. In 2018, sales amounted to 91 billion SEK.
|Publicly traded Aktiebolag|
|Traded as||Nasdaq Stockholm: SAND|
|Products||Tools and tooling systems for metal cutting, mining and rock excavation equipment and tools, stainless steel and special alloy products|
|Revenue||SEK 100.072 billion (2018)|
|SEK 17.7 billion (2018)|
|SEK 13.235 billion (2018)|
|Total assets||SEK 63.929 billion (2018)|
|Total equity||SEK 24.831 billion (2018)|
Number of employees
The company was founded by Göran Fredrik Göransson in 1862. He was the first in the world to produce good quality steel using the Bessemer process(Sir Henry Bessemer’spatented process for steel production) on an industrial scale. The company started as Högbo Stål & Jernwerks AB in Sandviken, Sweden and was later reconstructed as Sandvikens Jernverk (Ironworks) AB in 1868. The Sandvik brand name was officially used for the first time in 1876 when Sandvik began selling products in the USA. Sandvikens Jernverk was introduced on the Stockholm Stock Exchange in 1901.
In the 1860s, sales were conducted through trading houses in Sweden, Norway, Denmark, the UK, Russia, Germany and France. In 1914 the company opened its first sales subsidiary in the UK. This was the start of a long period of expansion as subsidiaries were opened around the world.
Sandvikens Jernverk introduced the first seamless tubes made of stainless steels on the market in 1924 and by 1934 was the first in Europe to perform pilgering of tubes on an industrial scale. The Second World War forced the company to reorganize production. In 1942, the Sandvik Coromant brand was established and the first cemented-carbide tools for metalworking were manufactured a year later. Bessemer steel production was discontinued in 1947.
By 1967 Sandvikens Jernverk had 40 subsidiaries and sales in 100 countries. The company changed its name to Sandvik AB in 1972 and many new factories and acquisitions followed, including Seco Tools (fully-owned as of 2012), and Osprey. Cemented carbide production took off and the first rotoform equipment was developed.
Sandvik experienced a substantial decline in 1982-1983 and in 1983 the company recorded its first loss in 62 year. Restructuring measures, a new, decentralized organization and focus on strong areas brought earnings and profitability back on track in only a couple of years.
Sandvik began investing in Eastern Europe in 1989 and subsidiaries and plants were opened in Eastern Europe and Asia throughout the 1990s, including a subsidiary in Beijing, China in 1993. Bahco Tools, Finnish Tamrock Oy, Precision Twist Drilland a majority share in Kanthal AB, were some of the acquisitions made in the 1990s.
In 1994, Sandvik became the first in the world to produce diamond-coated carbide cutting inserts on an industrial scale. Safurex®, a high-alloy duplex stainless steel, was developed in 1996. In 1999, Sandvik divested its Saws and Tools business areas.
2000 to present
Automation and remote control of mining equipment, Automine®, was introduced in mines in Canada and Sweden in 2001. In 2004, Sandvik’s Kanthal division developed the production of high-temperature alloys via powder metallurgy. In 2002, Sandvik acquired a majority shareholding in German tool manufacturer Walter and Austrian tungsten producer Wolfram Bergbau und Hüttenwas acquired in 2009. In 2014, Sandvik companies Dormer, Safety, Impero and Pramet came together to create Dormet Pramet.
In 2016, Sandvik introduced a new strategy based on decentralization and decision-making close to customers. In 2017, the divestments of Process Systems and Mining Systems were completed.
Sandvik manufactures and sells products and services to customers worldwide, mainly in the mining, engineering, automotive, energy, construction, and aerospace sectors. In 2018, Europe accounted for 39 percent of the company’s market share, followed by North America (21%), Asia (20%), Africa/Middle East (9%), Australia (6%) and South America (5%).
Sandvik Machining Solutions manufactures tools and tooling systems for advanced metal cutting. The business area comprises several brands that offer their own products and services, such as Sandvik Coromant, Seco, Dormer Pramet and Walter.
Sandvik Mining and Rock Technology supplies equipment, tools, service and support for the mining and construction industries. This includes service and technical solutions for rock drilling and cutting, crushing and screening, loading and hauling, tunneling, quarrying and demolition work.
Sandvik Materials Technology develops and manufactures products made from advanced stainless steels and special alloys, including tubular products, metal powder, strip and products for industrial heating.
Sandvik was included in the 2018 Global 100 Most Sustainable Corporations in the World index and received the ROBECO Sustainability Award Bronze Class in 2018. Sandvik has committed to contributing to the UN’s Global Goals for Sustainable Development.
Sandvik has defined four 2030 sustainability goals that address circularity (achieving more than 90 percent circularity through more circular business models and use of resources), climate change (halving the CO2impact), safety (with the goal of zero harm to people) and fair play (always do the right thing by aiming higher in ethics, transparency and fair play).
The Sandvik site in Gimo, Sweden was recognized as an advanced industry 4.0 facility, a Manufacturing Lighthouse”, by the World Economic Forum in 2018.
Sandvik is included in the following:
- Dow Jones Sustainability Index (DJSI)
- The Robeco-SAM Sustainability Yearbook
- FTSE4Good Index
- Forum ETHIBEL Sustainability Index
- A signatory of the UN Global Compact (UNGC)
Sandvik is expanding further in digital manufacturing and started the Applied Manufacturing Technologies division within Sandvik Machining Solutions in 2018. The division includes French metrology software company Metrologic Group as well as TDM Systems, which provides software for managing tool data in the metal cutting industry.
Among Sandvik’s digital solutions are:
- 365 My Sandvik Digital Service Solutions help improve customer productivity by delivering analyzed data gathered straight from the loaders, trucks or drills via a wireless connection
- Sandvik Coromant’s digital solution CoroPlus® is an online tool monitoring system that can detect tool force overload and correct it to optimize cutting tool life
- OptiMine® data analytics provide mining companies with real time and automated dashboards for a comprehensive process overview
- AutoMine® underground loaders for hard rock mining applications can be run automatically from a control room, reducing the need to enter underground mines
- SENTUSYSTM, an intelligent tube system embedded with sensors, enables customers to control the status of their process tubes with the help of cloud-based data
Sandvik has about 5,900 active patents (2018) and has received several external awards for its innovations.
2018: Sandvik Coromant won the2018 Ringier Technology Innovation Award in the Tools & Clamping devices' category in Shanghai, China for its PrimeTurning™ method. PrimeTurning was launched in 2017, enabling turning in all directions.
Sandvik also won Mining Magazine’s 2018 Software award for OptiMine®, a digital tool for analyzing and optimizing mining production and process. It integrates all relevant data into one source, delivering both real-time and predictive insights to improve operations.
2017: Sandvik Coromant received the MaschineMarkt Innovation Award at the 2017 EMO exhibition in Hannover, Germany for its PrimeTurning method.
2016: Winner of Mining Magazines 2016 drill and blast award for Sandvik DD422iE, the first battery-trammed mining jumbo. The emission-free drilling jumbo actively contributes to better productivity and a safer working environment.
2015: Sandvik awarded Best Innovator of the Year in the Czech Republic, in the category of large companies, by A.T. Kearney and an independent jury
2013: Sandvik ranked by Forbes as one of the World’s Most Innovative Companies
2012: Sandvik on the Thomson Reuters 2012 Top 100 Global Innovators list.
- "Annual Results 2018". Sandvik. Retrieved 15 March 2018.
Annual report 2018: https://www.home.sandvik/en/news-and-media/newslist/news/2019/03/sandvik-ab-annual-report-2018/
2018 Global 100 Most Sustainable Corporations in the World index:https://www.corporateknights.com/magazines/2018-global-100-issue/2018-global-100-results-15166618/
UN Global Goals: