STOCKHOLM--The board of Swedish industrial group Sandvik AB
(SAND.SK) has blocked the sale of the company's Materials
Technology unit, or SMT, reports Swedish Daily Dagens Industri
Tuesday.
Sandvik's Chief Executive Olof Faxander said a year ago, as he
presented a new company strategy, that the SMT business area needed
to increase its profitability within two to three years or be sold
off, the paper said.
But his patience seems to have worn thin and a source is cited
in the paper as saying Mr. Faxander contacted an investment bank
regarding the sale of SMT already earlier this year.
The sale probe was, however, halted by the company's board
before the process even began. It isn't clear which board members
opposed the sale, the paper said.
Newspaper website: www.di.se
Write to Christina Zander at christina.zander@dowjones.com
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