Sandvik AB, headquartered in Stockholm, Sweden, has celebrated its 160th anniversary since being founded in 1862 under the name Högbo Stål & Jernwerks AB by Göran Fredrik Göransson. Göransson is recognised as the first person to succeed in using the Bessemer method for steel production on an industrial scale.
As early as the 1860s, the company’s product range included drill steel for rock drilling. The company went on to be listed on the Stockholm Stock Exchange in 1901. The manufacturing of stainless steel began in 1921 with cemented carbide following in 1942. Production of cemented-carbide tools began in the 1950s in Gimo, Sweden.
The company name was changed to Sandvik AB in 1972, and a new type of organisation was introduced, with a parent company and separate business areas in 1984.
Sandvik has gone on to continuously develop its offerings, including new technologies. In addition to organic growth, its expansion has also involved a series of company acquisitions over the years.
Currently, the company is concentrated on core areas that include tools and tooling systems for industrial metal cutting; equipment and tools, service and technical solutions for the mining and construction industries; and advanced stainless steels and special alloys as well as products for industrial heating.