STOCKHOLM, Sweden, May 7, 2002 (PRIMEZONE) -- Sandvik AB's Annual General Meeting in Sandviken on 7 May approved the Board's proposed dividend of SEK 9.50 for the 2001 fiscal year. The record date to receive the dividend was set at Monday, 13 May 2002. Payment is expected through VPC on Thursday 16 May 2002.
In his final address as President of Sandvik, after a total of 37 years with the company, Clas Ake Hedstrom commented on the 2001 fiscal year and development during the first quarter this year. He provided a number of examples of the Group's aggressive efforts since the new growth strategy was announced. During the past ten years, Sandvik has acquired slightly more than 30 companies, which have added annual sales of SEK 18 billion, calculated at the date of acquisition. Clas Ake Hedstrom thanked Percy Barnevik who declined re-election after 19 years as Board Chairman. During this period, Sandvik's invoicing rose 500%, earnings by 1,000% and the share rose 2,000%. At the Board meeting on 16 January, Percy Barnevik was named Honorary Chairman of the Group when he leaves the Board.
In accordance with the proposal by the Board, the Meeting resolved to authorize the Board to decide, prior to the next Annual General Meeting, to make additional purchases of the company's own shares. The buy-back shall be effected on the Stockholm Exchange and shall be limited to a maximum number of shares that the company's holding at any given time does not exceed 10 percent of all shares in the company. The buy-back is a step toward adjusting the company's capital structure in accordance with established financial objectives. At the current price level, the buy-back would increase Sandvik's return on shareholders' equity and increase earnings per share. At the statutory Board meeting held today (7 May), the Board decided to exercise the authority granted by the Annual General Meeting to acquire shares in the company.
Clas Ake Hedstrom was elected new Board Chairman. Board members Georg Ehnrooth, Per-Olof Eriksson, Arne Martensson, Lars Nyberg and Mauritz Sahlin were re-elected. Anders Nyren, President of AB Industrivarden, was elected new member after Clas Reuterskiold who declined re-election, and Lars Pettersson, who was earlier named President and CEO as of 7 May, were elected as new Board members.
Auditors: Authorized Public Accountants Lars Svantemark and Bernhard Ohrn. Deputy Auditors: Authorized Public Accountants Peter Markborn and Ake Nasman. The employee representatives appointed to the Board are Bo Bostrom (member), Goran Lindstedt (member), Birgitta Karlsson (deputy) and Bo Westin (deputy).
Engineers Jan Lundstrom and Jorgen Wiman, who both work at Sandvik Coromant, received the Wilhelm Haglund Medal for 2002 and were named product developers of the year. They were recognized for development of a new, advanced cemented-carbide insert for turning that doubles the customer's productivity.
Sandviken, 7 May 2002
Sandvik AB; (publ)
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