Swedish manufacturer Sandvik (STO: SAND) reported sales for the first quarter of SEK 19.7 billion (US$2.4 billion), a 7 percent decrease year-over-year in fixed currency. Profit for the quarter increased to SEK 1.4 billion (US$172 million) from SEK 410 million (US$50.5 million) the prior year.
“As a result of the ongoing review of operations we made progress in consolidating Sandvik’s structure, announcing the merger of Sandvik Mining and Sandvik Construction’s operations, forming the new business area Sandvik Mining and Rock Technology," said Björn Rosengren, president and CEO.