SANDVIKEN, Sweden, March 21, 2005 (PRIMEZONE) -- Titex and Prototyp, both leading cutting-tool product areas within the business area Sandvik Tooling, will be combined into one organization. Titex and Prototyp will continue to exist as brands within the new product area.
The new organization will provide customers with an industry-leading offer of cutting tools such as drills, taps and endmills in solid carbide and high-speed steel for the automotive, aerospace and mechanical engineering industries. The combination of each brand's product range, sales organization and marketing support will create a platform for accelerated growth. Cooperation and synergies in combined supply and support functions will further increase efficiency of operations.
The current President of Prototyp, Mats Christenson, will head the combined product area.
Sandvik is a high-technology engineering group with advanced products and world-leading positions in selected areas -- tools for metalworking, machinery and tools for rock excavation, stainless steel, special alloys, metallic and ceramic resistance materials as well as process systems and sorting systems. The Group has 38,000 employees in 130 countries, with annual sales of approximately SEK 55,000 M.
Sandvik Tooling is a business area within the Sandvik Group and the world-leading manufacturer of tools and tooling systems for metalworking as well as of blanks and components. Annual sales are about SEK 19,000 M with 15,000 employees. Approximately 5% of the turn-over is invested in R&D. Products are manufactured in cemented carbide, high-speed steel and other hard materials such as diamond and special ceramics. Well-established brands are Sandvik, Sandvik Coromant, Walter, Valenite, Dormer, Titex, Prototyp, Precision etc.
This information was brought to you by Waymaker http://www.waymaker.net
The following files are available for download:
http://wpy.waymaker.net/client/waymaker1/WOLReleaseFile.aspx?id=81541&fn=wkr0010.pdf
-0- Sandvik AB (publ) Anders Thelin, President Sandvik Tooling +46 26 26 63 84