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Steiner Electric Acquires Inland Cutting Products and Industrial Sling

Sandvik Sales Grow 24% in Second Quarter

Swedish manufacturer Sandvik reported sales for the second quarter were SEK 23.4 billion (US$3.6 billion), up 24 percent at a fixed exchange rate for comparable units. Profit increased 7 percent to SEK 2.2 billion (US$338 million).

For the first six months, sales were SEK 45.5 billion (US$7 billion), up 26 percent over the same period a year ago. Profit increased 36 percent to SEK 4.4 billion (US$675.9 million).

"The business climate continued to develop favorably during the second quarter. Order intake continued to increase compared with the preceding year as well as the preceding quarter, and higher invoiced sales and production volumes resulted in improved earnings,” says Olof Faxander, president and CEO.

Sandvik Tooling sales increased 24 percent (at fixed exchange rates for comparable units), with all major markets and order intake increased significantly compared with the year-earlier period.

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