The board of directors at Sandvik AB, Stockholm, Sweden, has announced its intention to propose the distribution and listing of Sandvik Materials Technology (SMT) at the company’s annual general meeting, scheduled for April 27, 2022. The listing is planned to take place on the Nasdaq Stockholm Exchange on August 31, 2022.
“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 favourably on their own,” stated Johan Molin, chairman of the Sandvik Board of Directors.
Sandvik has also settled on ‘Alleima’ as SMT’s new name, providing shareholder approval to distribute and list the business unit. The name Alleima is said to combine two core aspects of SMT’s business – alloys and materials – with ‘alei’, an antiquated version ‘alloy’, as the foundation.
“Alleima captures the core of what we do, our history and our unique capabilities in a great way,” added Andreas Nordbrandt, chairman of the SMT Board of Directors and Göran Björkman, president of SMT. “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.”