Sandvik Completes Establishment Of China Coal Mining Equip JV
October 17 2011 - 2:11AM
Dow Jones News
Swedish industrial group Sandvik AB (SAND.SK) said Monday it has
completed the establishment of a coal mining equipment joint
venture in China.
MAIN FACTS:
-Sandvik announced on Apr. 29, 2011 an agreement with Shandong
Energy Machinery Co. in Xintai, Shandong Province, China to form a
50/50 owned joint venture for the production and sales of coal
mining equipment.
-The joint venture will focus on assembly, sales and service of
high performing roadheaders for the Chinese underground coal
market.
-The joint venture Shandong Energy Machinery Group ZhongRui
Mining Equipment Manufacturing Co. Ltd was legally established on
Oct. 12, 2011 and the work to make the joint venture operational in
the beginning of 2012 has started.
-From Jan. 01, 2012, the joint venture will be a part of the new
business area Sandvik Mining to be in line with the new Sandvik
strategy announced on Sep. 02, 2011.
-Shares closed Friday at SEK83.85.
-By Dominic Chopping; Dow Jones Newswires; +46-8-5451-3093;
dominic.chopping@dowjones.com
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