SANDVIKEN, Sweden, March 31, 2005 (PRIMEZONE) -- As of 1 January 2005, Sandvik is applying the International Financial Reporting Standards (IFRS). In this document, the comparative figures from 1 January 2004 have been restated from the accounting principles applied previously, "Swedish GAAP," to IFRS. The interim report for the first quarter of 2005 will be the first financial report that Sandvik provides in accordance with IFRS.
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 55,000 SEK M.
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