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Swedish manufacturer Sandvik Materials Technology will divest its 50 percent stake in Fagersta Stainless wire rod mill, a joint venture between Sandvik Materials Technology and Outokumpu. The move is in line with Sandvik’s intention to exit the stainless wire business, announced last year.
Outokumpu will take full ownership of Fagersta Stainless for the purchase price of SEK 184 million (US$21 million). The transaction is expected to close by the end of June 2018.