Swedish industrial group Sandvik AB (SAND.SK) said Tuesday it has completed the acquisition of Shanbao, a Chinese supplier of crushing and screening equipment.

 
   MAIN FACTS:

-Sandvik announced on 21 December 2010 an agreement with the owners of Shanghai Jianshe Luqiao Machinery Co. Ltd. (SJL) to acquire 80% of the equity interest in the company with the established trademark Shanbao.

-The company has about 1,000 employees and invoicing in 2010 was close to SEK1 billion.

-The acquisition was completed on 9 October 2011 and will be consolidated into Sandvik Mining and Construction as of the same date.

-The work to integrate the SJL in business area Sandvik Mining and Construction will start immediately.

-From 1 January 2012, the SJL will be a part of the new business area, Sandvik Construction.

-Shares closed Monday at SEK80.95.

-By Dominic Chopping; Dow Jones Newswires; +46-8-5451-3093; dominic.chopping@dowjones.com

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