The sale by Sandvik is part of management's strategy to focus more closely on making industrial tools and materials.
"This is an important step in focusing Sandvik on its core businesses," said Sandvik chief executive Bjorn Rosengren. "The divestment creates additional capacity for growth and expansion of the core business of Sandvik."
The buyer of the business, Foundation Asset Management AB, is a Swedish holding company owned by the three largest Wallenberg foundations: Te Knut and Alice Wallenberg Foundation, the Marianne and Marcus Wallenberg Foundation, and the Marcus and Amalia Wallenberg Foundation.
