Sandvik AB (“Sandvik”) has completed the global separation of former business area Sandvik Materials Technology and the listing on Nasdaq Stockholm under the new name Alleima AB (“Alleima”).
The separation process has spanned several years and included dividing the Sandvik Materials Technology business from the Sandvik Group across more than 30 countries. The shares in Alleima began trading on Nasdaq Stockholm on 31 August 2022, following a distribution of the shares to the shareholders of Sandvik. Alleima’s market capitalisation amounted to approximately SEK 10 billion on the first day of trading.
The Sandvik Group is now divided into two independent, listed companies: Alleima, a global manufacturer of advanced stainless steels, special alloys and products for industrial heating; and Sandvik, a global high-tech engineering group.
Alleima, with headquarters in Sandviken, Sweden, and revenues of SEK 13.8 billion in 2021, has more than 5,500 employees, and customers in approximately 90 countries. The separation from Sandvik is expected to provide for more focused governance, with a clear mandate for Alleima to execute its strategy to drive profitable growth, materials innovation, operational and commercial excellence and industry-leading sustainability.
Sandvik and Alleima have been advised by Mannheimer Swartling throughout the separation, distribution and listing of Alleima.