SANDVIKEN, Sweden--(BUSINESS WIRE)--Regulatory News:
Sandvik (STO:SAND) will implement a new shared service delivery model for parts of its transactional finance. These improvements are in line with Sandvik’s strategy, where the objective is to simplify processes, utilize group wide synergies and leverage global business opportunities to become a world-class industry leader.
Parts of the transactional processes will be transferred to and delivered by an external business process outsourcing (BPO) service provider, Capgemini. The ambition is to utilize Sandvik's common resources better and to develop a more efficient finance organization. As a result, Sandvik will adopt more flexible and scalable processes and maintain consistent quality and strong internal financial control. “We need to be flexible and scalable to position ourselves for future growth. We are pleased to announce that Sandvik has signed a 5-year contract with Capgemini to handle the transactional finance rule-based and repeatable processes which will enable us instead to focus on crucial business support”, says Sandvik’s Chief Financial Officer, Emil Nilsson.
The new model will be implemented during 2013-2015 in 29 countries and involves all Sandvik’s Business Areas.
“As a consequence, it is likely there will be redundancies. Where, and how many, is too early to say. The numbers of employees being affected directly due to outsourcing depends on how these changes will be implemented in each country. The changes will be discussed in accordance with our transparent ways of working together with the employee representatives”, says CFO Emil Nilsson.
Stockholm 11th April 2013
Sandvik AB discloses the information provided herein pursuant to the Securities Markets Act and/or the Financial Instruments Trading Act. The information was submitted for publication at 08.30 CET on 11th April 2013.
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 2012 the Group had about 49,000 employees and representation in 130 countries, with annual sales of about 99,000 million SEK.
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