Sandvik recently announced a new strategy focused on strengthening its position in attractive markets and segments and a more active portfolio management. Effective January 1, 2012, the organization will be split into five business areas instead of three. A new mining executive has been appointed. The company will relocate several offices.
“Sandvik has a strong offering and a market leading position in many fast-growing and developing markets as well as in more mature markets. We need to strengthen this position and also improve in some areas to be world class in all our businesses, said Olof Faxander, president and CEO, Sandvik. “It is essential that we adopt strategies and organization to a rapidly changing global market where the ability to act and react fast is crucial for long term success. The new organization means a clear and strong focus on four core business areas.”
Sandvik is splitting the Sandvik Mining & Construction into two business areas: Mining and Construction. It will retain Machining Solutions and Material Technology. The company has created a fifth, Sandvik Ventures.
Gary Hughes, currently president of the underground mining segment, has been named president of Sandvik Mining. Lars Josefsson, president of Sandvik Mining and Construction will leave Sandvik at the end of year. “Lars has contributed successfully during 8 years to a very positive development both of Sandvik Mining and Construction and of the Sandvik Group,” Faxander said. In line with the new strategic direction Sandvik has decided to relocate the official Group headquarters to a new office in Stockholm. Sandvik Mining headquarters will be located in Amsterdam, Netherlands