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1. Company Profile Sandvik Group was founded in 1802 in Sandvik, Sweden. It is Sweden's largest special steel producer and one of the world's largest high-speed steel producers. It operates in more than 130 countries around the world and employs employees. About 38,000 people. The Sandvik Group specializes in the production of special steel and mining and construction machinery. The main business is divided into the following three core areas: 1) sintered cemented carbide and high-speed tool steel for the metal machining industry, and sintered cemented carbide. Billets and components made of other hard materials; 2) tools, equipment and machinery for rock drilling; 3) stainless steel, high alloy steel, special alloys, electrical resistance materials and process systems. Downstream customers of Sandvik Group products include: aerospace, engineering, construction, mining, automotive, energy, processing and handling.
The three subsidiaries of the Sandvik Group: material technology companies, tool companies, mining and construction companies.
Sandvik Materials Technology, the original Sandvik Specialty Steels, specializes in the production of special steels and related processes. The main products include: stainless steel, high alloy steel, rock drilling stone, special alloys. , metal and ceramic resistor materials, seamless tubes, strips, bars, wires, billets, steel conveyor belts and associated processing equipment, sorting systems, and heating elements and heating systems.
Sandvik Mining and Construction Company manufactures mining and construction machinery, including rock drills, drilling rigs, mineral loading and transportation equipment, crushing and screening equipment, demolition and recycling equipment, and bulk handling equipment.
Sandvik Tools develops and manufactures metal cutting tools. The product brands owned include: Sandvik, Walter, Valenite, Safety, Sandvik Coromant, Titex, Dormer, Precision and Prototyp.
In fiscal 2007, Sandvik Tools acquired Diamond Innovations (formerly the General Electric Company's Superabrasives division). The company produces tools made from superabrasives such as synthetic diamond and cubic boron nitride (CBN). Sandvik Mining and Construction also acquired Extec Screens and Crushers and Fintec Crushing & Screening, which manufacture mobile crushing equipment.
In fiscal year 2008 (as of December 31, 2008), Sandvik Group's operating income was 92.654 billion Swedish kronor, an increase of 7.32%; operating profit was 12.794 billion Swedish kronor, down 11.12% year-on-year; net profit was 7.472 billion Sweden Krone, a year-on-year decrease of 18.03%.
2. Main products and services Sandvik Group specializes in the production of special steel and mining and construction machinery. The main products and services provided include: alloy steel, tool steel, free cutting steel, austenitic stainless steel, duplex stainless steel, chisel Rock steel, hard alloy, heat-resistant super alloy, special alloy (nickel-based alloy, titanium alloy and zirconium alloy); seamless pipe, strip, small material, bar (peeling and polishing), hollow bar, wire (spring wire, precision steel wire, cantal iron chrome aluminum high resistance wire, welding wire), billet, welded pipe blank, etc.; lathe, grinding machine, drilling machine, boring machine, reaming tool, tool clamping system; drilling machine Rock drills, loading and transporting machinery, continuous drilling equipment, crushing and screening equipment, bulk handling equipment, blasting demolition tools, mining automation systems; processing systems; medical technology (orthopaedic implants).
3. Historical evolution ———————————————————————————————————————————— ————
In January 2008, Sandvik acquired South Africa's Corstor International, which provides core storage and transportation systems for the extractive industry. Sandvik acquired German system technology provider Aubema Beteiligungs, and its subsidiary AUBEMA Broken Technology and Beijing Olympics In April, Sandvik acquired 92.55% of the shares of Norwegian Teeness. In May, Sandvik Materials Technology acquired Eurocut, which manufactures medical devices and orthopedic implants, acquired Sandvik in 2007. Metallurgical company Metso Powderme Sandvik acquires Shark Abrasion Systems in Perth, Australia Sandvik acquires two UK companies that produce crushing and screening equipment - Extec and Fintec Sandvik Materials Technologies acquire Don Casters Technology Division Sandvik Materials Technologies acquires US medical technology company - JKB Medical Technologies In 2006, Sandvik acquired Hagby-Asahi, SDS, UDR Group and a mining company in Chile.
In 2005, Sandvik acquired a 50% stake in Smith International, a joint venture to form Sandvik Smith.
Sandvik acquires a 10% stake in China's Xiamen Golden Heron Special Alloy Co., Ltd. (Gesac) (mainly producing metal powder)
In 2004, Sandvik acquired a 51% stake in Manuseio de Graneis Solidos (MGS) Technical Tooling (mainly manufacturing precision instruments for the production of aluminum cans)
Sandvik builds a new plant in Pune, India, in 2003 to produce crushing, feeding and screening equipment. Sandvik sells a 49% stake in Eurotungstene Poudres to Eramet. 2002 Sandvik acquires Japan Mazda Earth Technologies (product brand "Toyo") and North American tool steel manufacturer - Valenite
In 2001, Sandvik established a carbide tool sales center in Singapore. Sandvik acquired a majority stake in Walter, Germany, and Svedala Industries Broken Screening Division 1999 Sandvik stripping saw and tool manufacturing business changed its name to Shant in 1972. Vic 1950 1950s, Sandvik began to produce cemented carbide tools 1942 Sandvik began to produce sintered cemented carbide 1921 Sandvik began to engage in steel production 1901 Sandvik listed on the Stockholm Stock Exchange 1862 Sandvik was established in Sweden ———————————————————————————————————————— ———————
4. Analysis of SWOT (strengths, disadvantages, opportunities, threats) 4.1 Advantages of Sandvik 4.1.1 Strong growth in operating income In the fiscal year 2005-2007, Sandvik's operating income grew steadily, with an average annual growth rate of more than 10.8%. In fiscal 2007, Sandvik Group's operating income was SEK 86.338 billion, an increase of 19.4% year-on-year (S$72.289 billion in SEK 2006); operating profit reached a record SEK 14.068 billion, an increase of 95.94% year-on-year; net profit It was 9.594 billion Swedish kronor, an increase of 18.3%.
During the same period, the sales revenue of the three subsidiaries of the Sandvik Group increased. In fiscal 2007, Sandvik Tools benefited from increased market share and higher product prices, with sales revenue increasing by 10% to SEK 24.432 billion; Sandvik Mining and Construction's sales revenue increased by 32% to SEK 330.73 billion, benefiting Demand for alloys for construction machinery caused by a significant increase in the size of infrastructure construction increased; Sandvik Materials Technology Inc.'s sales revenue increased 16% to SEK 22.586 billion, benefiting from increased demand for seamless pipes for oil and gas. The steady growth of operating income has enabled Sandvik to stabilize its market position and gradually achieve its development goals.
4.1.2 Strategic Acquisitions In June 2007, Sandvik Materials Technologies acquired Don Casters Medical Technologies, the world's leading manufacturer of medical devices and orthopedic implants. In December of the same year, Sandvik Materials Technologies acquired another medical device and orthopedic implant manufacturer, JKB Medical Technologies. At the end of 2007, Sandvik acquired a medical device manufacturer for spinal surgery in Memphis, Tennessee. Through a series of acquisitions, Sandvik Materials Technology has established a strong market position and enhanced the profitability of the Sandvik Group.
4.1.3 Diversification The Sandvik Group specializes in the production of special steel, metal machining tools, mining machinery and construction machinery. The main products include: sintered carbide and high-speed tool steel tools for the metalworking industry, blanks and components made of sintered cemented carbide and other hard materials, mechanical equipment for rock drilling, stainless steel, high alloys. Steel, special alloys, electrical resistance materials and process systems.
The three subsidiaries of the Sandvik Group (material technology company, tool company, mining and construction company) are engaged in different business areas: the tool company mainly develops and produces metal cutting tools; the material technology company is mainly engaged in the production of special steel and related Process development; mining and construction companies mainly produce mining and construction machinery. Through these three subsidiaries, Sandvik's business involves special steel, medical equipment, metal machining, mining machinery and construction machinery. Diversification not only allows Sandvik to have a large customer base, but also helps prevent the impact of some product declines on the overall profitability of the group.
4.2 Sandvik's Disadvantages 4.2.1 Discontinuity Management In fiscal 2007, Sandvik Group closed the Coventry tungsten carbide powder production plant under the Halesowen plant, high-speed steel drill bit production plant and hard materials division that produced special tools. And a special tool manufacturing facility in Mexico. In the same year, Sandvik sold Sandvik Tobler (mainly for the production of precision mandrels and clamping solutions for cars).
Sandvik Materials Technologies has also adopted a similar strategy to divest non-core businesses. Sale of Sandvik Sorting Systems and a 11.6% stake in Outokumpu Stainless Steel Pipes.
Non-continuous operations will have a serious negative impact on the overall operation of the Sandvik Group.
4.2.2 The market is too concentrated The Sandvik Group's products are sold in the North American Free Trade Zone (including the United States, Mexico and Canada), South America, Africa, Central Asia, Asia and Australia, but compared to its competitors, Not broad enough. Sandvik's main producers are concentrated in Europe, and 46% of sales revenue comes from the European market. In fiscal 2007, production companies outside Europe contributed little to the growth of the entire group's operating income. The concentration of production and market is not conducive to preventing operational risks brought about by regional political and economic turmoil, and it also restricts Sandvik to open up new markets. Sandvik can only improve its profitability and risk resistance ability by expanding the geographical scope of production and operation.
4.3 Sandvik's Opportunities 4.3.1 Technology R&D and Innovation Sandvik has increased its investment in technology research and development to meet customers' demands for increased ease of use and safety. In fiscal 2007, Sandvik introduced new products such as “Valenite Safety†and “Valenite Impero†to the European market. The “Valenite Safety†brand also introduces a high wear-resistant grain oriented cemented carbide that is identical to a milling machine. Diamond Innovations also introduced the world's highest hardness cubic boron nitride abrasive CBN700. Sandvik will also introduce new cutting tools (including new milling cutters for cast iron and aluminum machining) to the machining industry. The Sandvik Hard Materials division has expanded its product lineup with the introduction of new cemented carbide. Technical solutions for new carbide disc cutters have also been developed. Sandvik Mining and Construction has developed a new generation of underground loading transporters and the Sandvik DP1500i impact drills with the latest technology. Through the development of these new products, Sandvik has increased the sales of high value-added products, enabling the Group to develop better in the future.
4.3.2 Establishing a new production line In fiscal 2007, Sandvik's new production line includes: an indexable insert manufacturing plant in Munsingen, Germany, a special tool manufacturing plant in Schmalkalden, Germany, and carbide and high-speed steel tools in Rovereto, Italy. The production plant, located in Barcelona, ​​Spain, is a cemented carbide tool manufacturing plant (mainly manufacturing and pump manufacturing), located in Walter/Titex, Wuxi, China, mining machinery and hard materials. In April 2007, Sandvik was opened in the main warehouse in Chicago, USA, which is one of Sandvik's three major warehouses for tools and spare parts. In addition, Sandvik mining and construction companies are also adding manufacturing and assembly companies close to end users. Constantly building new production companies, coupled with increasing customer demand for mechanization, automation and related services, has increased Sandvik's profitability.
4.4 Threats to Sandvik 4.4.1 Rising raw material prices Sandvik's main production costs come from raw materials such as nickel, cobalt and tungsten, as well as electricity costs. The increase in product prices caused by rising raw materials and electricity prices has reduced the sales of Sandvik products. The stable supply of raw materials required for production is also affected by natural disasters, weather factors, political instability in production countries, human control, worker strikes, supply shortages and other factors. The rise in raw material prices will increase production costs, and supply instability will also affect the normal production, which will affect Sandvik's shipments and profitability.
4.4.2 The economic downturn in Europe The main producers of Sandvik are located in Europe. The European economic downturn triggered by the world economic crisis directly led to the decline in demand and sales of Sandvik products. According to statistics from the Eurostat, in the second quarter of 2008, GDP in Europe fell by 0.2%. Fluctuations in the exchange rate of the euro against the US dollar will also directly affect Sandvik’s sales and profit levels. The deterioration of the industrial and trading environment in Europe will directly impact the future development of Sandvik.
4.4.3 Intense market competition Sandvik faces many large companies in the field of mining and construction machinery (Caterpillar, Joy Global, Kennametal, Carpenter Technologies, Atlas Copco) Company) competition. In recent years, with the increase in the number of new enterprises, the competition in the construction market has become increasingly hot, leading to a decline in product prices. Sandvik can only maintain sales and maintain market share by improving product quality and customer loyalty.
5. Major competitors The main competitors of the Sandvik Group are as follows:
Caterpillar, Atlas Copco, Joy Global, Kennametal, Energold Drilling, Swick Mining Services, Argent Minerals.
Swedish Sandvik Group Competitive Analysis
Editor's Note: The Sandvik Group was founded in 1862 and is Sweden's largest special steel producer. The Sandvik Group specializes in the production of special steel and mining and construction machinery. The three core businesses include: 1) sintered cemented carbide and high-speed tool steel for the metalworking industry, as well as sintered carbide and other hard materials. Billets and components made of materials; 2) tools, equipment and machinery for rock drilling; 3) stainless steel, high alloy steel, special alloys, electrical resistance materials and process systems. Sandvik's three subsidiaries: Sandvik Materials Technology, Sandvik Tools, Sandvik Mining and Construction. Operating income has grown steadily, and strategic acquisitions and diversification are the advantages of Sandvik. Product technology development and innovation, as well as new production lines and transit warehouses, provide opportunities for Sandvik's future development. The high concentration of manufacturing companies and sales markets, as well as non-continuous operations, are the disadvantages of Sandvik. The economic downturn in Europe, rising raw material energy prices and increasingly fierce market competition have weakened the profitability of the Sandvik Group.