By Dominic Chopping
STOCKHOLM--Swedish engineering company Sandvik (SAND.SK) said
Monday its Sandvik Materials Technology (SMT) unit is closing down
its die cutting business in Qingdao, China.
The company is also proposing to close down the die cutting
sales office in Halesowen, UK, subject to consultation with the
employees as required by local legislation.
The die cutting operation manufactures various cutting and
creasing templates mainly for the packaging industry and the
closure is in line with the company's strategy to focus more
towards the energy segment and exit businesses considered non-core,
it said.
The total number of employees is 57, of which 51 are in China
and 6 in the UK.
It said the closure will have marginal impact on earnings before
interest and tax for the SMT unit.
The operations will be phased out during three months and
closure of the operation is expected to be finalized during the
second quarter of 2015.
-Write to Dominic Chopping at dominic.chopping@wsj.com; Twitter:
@WSJNordics
Subscribe to WSJ: http://online.wsj.com?mod=djnwires