Sandvik Provides an Update on Effects From the Coronavirus, Announces Cost Measures and a New Proposal for the Dividend
SANDVIK AB S/ADR (SDVKY)
NASDAQ:AMEX Investor Relations:
home.sandvik/en/investors/share-price-monitor/adr-program
Company Research
Source: PR Newswire
SANDVIKEN, Sweden, March 26, 2020 /PRNewswire/ -- The business development during January and February 2020 has in most markets been in line with Sandvik's expectations, with the exception of China where the coronavirus situation led to one week of prolonged closing of our operations around the Chinese New Year. Our Chinese operations are now up and running and approaching normal capacity. During March the uncertainty around the coronavirus situation has gradually increased in many other parts of the world. Most production units in the Sandvik Group have been able to continue operating, however due to government restrictions the production is currently on hold in Italy, India and partially in other regions. Although Sandvik currently believes that the direct impact on its financial performance during the first quarter will be limited, Sandvik has identified a need to mitigate future effects on our businesses from the rapid spread of the coronavirus.Sandvik has therefore initiated me
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