NEW YORK & STOCKHOLM--(BUSINESS WIRE)--Deutsche Bank today announced its appointment as successor depositary bank for the non-capital raising sponsored Level I American Depositary Receipt (ADR) program of Stockholm-based Sandvik AB (Sandvik).
Founded in 1862, Sandvik (OTC US: SDVKY) is a high-tech and global engineering group with more than 47,000 employees in more than 130 countries and sales of just over SEK 87 billion in 2013. The business is organized into five business areas: Sandvik Mining, Sandvik Machining Solutions, Sandvik Materials Technology, Sandvik Construction and Sandvik Venture. Its operations are concentrated on three core areas: (i) tools and tooling systems for metal cutting as well as components in cemented carbide and other hard materials, (ii) equipment and tools for the mining and construction industries as well as various types of processing systems and (iii) products in advanced stainless steels, special alloys and titanium as well as metallic and ceramic resistance materials.*
Jose Sicilia, Global Head of Depositary Receipts at Deutsche Bank, said: “We are delighted to be selected as successor depositary bank for this notable program. We look forward to working with Sandvik to further enhance its ADR investor relations and to develop their program further."
*Source: Sandvik AB (November 2014)
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