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Sandvik celebrates 150th anniversary

Sandvik is celebrating its 150th anniversary today. In connection with the anniversary, Sandvik has announced that it has offered US$3.7 million to establish a foundation to promote, broaden and strengthen the local business community in Sandviken, Sweden, the town where the company was founded on January 31st, 1862.

The new foundation for the promotion of business development in Sandviken will make venture capital available to developing companies.

Olof Faxander, president and CEO of Sandvik, said: “For Sandvik, it is important that the district of Sandviken develops favorably and has a varied business community. We want to help make this happen and this is one way to do it.”

Sandvik is also offering the opportunity to invest in ‘Sandvik 150 Corporate Bonds’ in lots of 10,000 SEK (approximately US$1,480). The bond is aimed at the general public and offers the opportunity of direct investment in Sandvik while accentuating the company’s efforts to achieve a broad investor base for borrowing.

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