Sandvik sells its minority holding in Chinese tungsten JV Gesac

May 13, 2020

Sandvik Machining Solutions, a division of Sandvik AB, headquartered in Stockholm, Sweden, has divested its 10% minority ownership in Xiamen Golden Egret Special Alloy Co., Ltd. (Gesac), a Chinese joint venture formed in 2005.

Sandvik Machining Solutions reportedly established the joint venture with Xiamen Tungsten Co., Ltd., the majority owner of Gesac, in order to secure the supply of tungsten. Since then, Sandvik Machining Solutions has expanded its cutting tool recycling capabilities as well as acquired Wolfram Bergbau und Hütten in 2009, a world-leading supplier of tungsten powders.

Sandvik’s minority holding will be divested to Xiamen Tungsten Co., Ltd., with the purchase price corresponding to approximately SEK 0.7 billion, based on current exchange rates and upon closing a capital gain of approximately SEK 0.6 billion reported in Sandvik’s net financial items. The closing of the divestment is expected during the summer of 2020.

www.home.sandvik

www.en.gesac.com.cn

www.xiamentungsten.com

Industry News

Read the latest issue of PIM International

The latest issue of PIM International magazine is available to view online or download in PDF format.

As well as an extensive MIM, CIM industry and sinter-based AM industry news section, this 116-page issue includes the following exclusive articles and reports:

  • The evolution of MIM at Matrix: From transforming the production of eyewear components to luxury goods and beyond
  • Desktop Metal’s Live Sinter™: How simulation software is mitigating sintering distortion
  • High-Cycle Fatigue response of MIM 8620 and 100Cr6 steels and their sensitivity to mean stress, notch sharpness and weld line position
  • Perspectives on extrusion-based metal Additive Manufacturing: From bionic design to hollow structures and foams
  • How on-site gas generation supports the integration of sintering facilities into MIM and sinter-based AM operations
  • > Go to magazine page

E-newsletter

Register for our e-newsletter and we'll let you know each time a new issue of PIM International magazine is available, as well as keeping you informed of MIM and CIM industry developments.

Industry News

Copy link
Powered by Social Snap