Sandvik, Sandviken, Sweden, reported sales for the fourth quarter were SEK 25.1 billion (US$3.7 billion), an increase of 9 percent at fixed exchange rates. Profit was SEK 803 million (US$119.2 million), compared to SEK 2.2 billion (US$326.6 million) a year ago.

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For the full year 2011, sales were SEK 94.1 billion (US$14 billion), up 20 percent over sales in 2010. Profit fell 16 percent to SEK 5.9 billion (US$876 million).

\”Overall Sandvik’s business was stable in the fourth quarter with good performance especially in Sandvik Tooling but also in Sandvik Mining and Construction,\” says Sandvik’s President and CEO Olof Faxander.

In the fourth quarter, Sandvik Tooling reported sales of SEK 7.1 billion (US$1.1 billion), up 15 percent year-over-year at fixed exchange rates. Segment operating profit grew 18 percent to SEK 1.4 billion (US$207.9 million).

Mining and Construction segment sales grew 13 percent to SEK 11.6 billion (US$1.7 billion). Segment operating profit fell 36 percent to SEK 964 million (US$143.1 million).

Materials Technology segment sales fell 5 percent to SEK 4.6 billion (US$683 million). The segment reported an operating loss of SEK 841 million (US$124.9 million), compared with a year-ago operating profit of SEK 326 million (US$48.4 million).

The company also reported that a proposal to acquire all remaining shares of Seco Tools had been approved by Seco Tools shareholders in January.

\”Major organizational changes always run a certain risk of the company becoming too internally focused,\” Faxander said. \”I am therefore delighted to see that the process has been fast and efficient and that the new organization is now in place. The Group’s financial goals have also been updated.\”