SANDVIKEN, Sweden--(BUSINESS WIRE)--Regulatory News:
Sandvik (STO:SAND) has completed the divestment of Sandvik Medical Solutions to Orchid Orthopedic Solutions (Orchid), owned by Altor Fund III. Sandvik Medical Solutions, part of business area Sandvik Venture, specialises on contract manufacturing of medical implants and instruments for orthopaedic and dental applications. The divestment of Sandvik Medical Solutions is, as stated earlier, in line with Sandvik’s strategy to exit operations outside of the defined core businesses.
The product area will be fully consolidated into Orchid Orthopedic Solutions from the second quarter in 2012.
Sandviken, 30 March 2012
Sandvik Aktiebolag
The information was submitted for publication at 16.10 CET on 30 March 2012.
The Sandvik Group
Sandvik is a global industrial group with advanced products and world-leading positions in selected areas – tools for metal cutting, equipment and tools for the mining and construction industries, stainless materials, special alloys, metallic and ceramic resistance materials as well as process systems. In 2011, the Group had about 50,000 employees and representation in 130 countries, with annual sales of nearly 94,000 MSEK. For more information, please visit www.sandvik.com
About Orchid
Orchid Orthopedic Solutions is a worldwide leader in contract design and manufacturing for the orthopedic, dental, and cardiovascular markets. Orchid’s mission is to be the leader in contract medical design and manufacturing by compressing time to market, providing new technology, and being the best total supply-chain value. The company consists of five divisions that offer an array of implants and instruments within the five core capabilities: design, forging, machining, plastics, and coatings. For more information, please visit www.orchid-orthopedics.com
About Altor
The Altor Funds consist of the “Altor 2003 Fund”, which has committed capital of EUR 650 million, “Altor Fund II”, which has committed capital of EUR 1,150 million, and “Altor Fund III”, which has committed capital of EUR 2,000 million. The Altor Funds are advised by Altor Equity Partners. Altor’s investors include, among others, leading US university endowments and leading European pension and insurance institutions. Altor invests in companies, committed to creating value through growth, strategic development and operational improvements. Since being founded in 2003, the Altor Funds have made more than 30 platform investments and more than 35 strategic add-on acquisitions. Current and previous investments within the health care sector include Sonion, Ferrosan, and PaloDEx. For more information please visit www.altor.com
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