Sandvik Sells Conveyor Components Business to NEPEAN

July 19, 2017

1 Min Read
Sandvik Sells Conveyor Components Business to NEPEAN

Global engineering group Sandvik signed an agreement with Australian equipment company NEPEAN Conveyors Pty Ltd to divest from the conveyor components-related elements of its Mining Systems business, the Stockholm, Sweden-based firm announced Monday.

“I am pleased that we now have completed our plan enabling us to further focus on Sandvik’s core businesses. NEPEAN is a truly suitable new owner as they have an ambition to continue to develop this offering,” said Sandvik President and Chief Executive Officer Björn Rosengren in a company press release.

The company announced an agreement to sell the project business of its Mining Systems unit to FLSmidth on July 12. Sandvik’s latest divestment marks the company’s full exit from its Mining Systems business.

Conveyor components makes up about 20% the Mining System business’ 2.9 billion SEK (about $349.5 million USD) in sales during 2016.

Terms of the transaction were not disclosed. The sale is expected to close by the end of 2017, pending regulatory approvals.

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