2020 in brief

Important events

• The Covid-19 pandemic negatively affected the demand in several customer segments, mainly in the aerospace and automotive industries as well as the oil and gas sector.
• Sandvik implemented a number of measures to offset the demand decline, including structural changes, cost savings, reduced work hours and layoffs.
• The Annual General Meeting resolved, in accordance with a revised proposal from the Board of Directors, that no dividend be paid for the financial year 2019.
• Several acquisitions were completed, primarily related to digitalization and round tools. An agreement to acquire the market-leading underground safety company DSI Underground was also signed.
• Sandvik strengthened its strategy for increased focus on growth. The Sandvik Mining and Rock Technology and Sandvik Machining Solutions business areas were reorganized.
• Sandvik decided to continue its preparations to distribute Sandvik Materials Technology to shareholders.
• Sandvik finalized the divestment of the oil and gas operations of Sandvik Drilling and Completions (Varel) and announced its intention to divest its mineral exploration operations.
• Sandvik began to report its sustainability goals in conjunction with the interim report.
• The Total Recordable Injury Frequency Rate (TRIFR) fell to 3.2 (3.8). However, two tragic fatalities underline the importance of continuous focus on safety.
• Sandvik was again included in the Dow Jones Sustainability Index.

Indices

Sandvik is included in several prestigious sustainability indices and is a signatory of the UN Global Compact (UNGC).