{"id":403466,"date":"2020-12-21T07:20:34","date_gmt":"2020-12-21T12:20:34","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=403466"},"modified":"2020-12-21T07:20:34","modified_gmt":"2020-12-21T12:20:34","slug":"sandvik-provides-an-update-on-cost-measures-and-savings-2","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/sandvik-provides-an-update-on-cost-measures-and-savings-2\/","title":{"rendered":"Sandvik provides an update on cost measures and savings"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>SANDVIKEN, <span class=\"xn-location\">Sweden<\/span>, <span class=\"xn-chron\">Dec. 21, 2020<\/span> \/PRNewswire\/ &#8212; As previously announced Sandvik initiated measures across the Group to mitigate effects from the Covid-19 pandemic, with actions supporting savings both short-term and long-term. Today, Sandvik provides an update on the current status of the long-term cost measures and savings for the 2021 program. <\/p>\n<p>Apart from the temporary short-term actions that were initiated at the outbreak of the covid-19 pandemic, Sandvik also announced long-term measures that will generate <span class=\"xn-money\">SEK 1.3 billion<\/span> in annual savings with majority impacting 2021. Previously communicated implied cost for this program was <span class=\"xn-money\">SEK 2.3 billion<\/span>. <\/p>\n<p>The final cost for this program totals <span class=\"xn-money\">SEK 2.8 billion<\/span>, of which <span class=\"xn-money\">SEK 1.7 billion<\/span> was charged to the operating profit in the first and second quarter 2020 and the remaining <span class=\"xn-money\">SEK 1.1 billion<\/span> will be charged in the fourth quarter and reported as items affecting comparability. The higher cost estimation is a consequence of a shift to initiatives that will be more structural in nature and includes consolidation of production units, site closures and downsizing.\u00a0 <\/p>\n<p>&#8220;The savings initiative is progressing well and will support our ambition to be resilient through the cycle and continuously improve operational efficiency,&#8221; says <span class=\"xn-person\">Stefan Widing<\/span>, President and CEO of Sandvik.<\/p>\n<p>Estimation of the total cost and savings (initiated during 2020 with effects starting 2021) per Business Area are split accordingly:<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"1\" class=\"prngen1\">\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">MSEK<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">SMRT<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">SMM<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">SMT<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Common<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Cost<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">550<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1.540<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">500<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">180<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2.770<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Savings<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">125<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">675<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">500<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">45<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1.345<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>Of the total <span class=\"xn-money\">SEK 2.8 billion<\/span> SEK, approximately <span class=\"xn-money\">SEK 700 million<\/span> are non-cash items and the remaining <span class=\"xn-money\">SEK 2.1 billion<\/span> SEK mainly refers to redundancies of some 1 800 employees. <\/p>\n<p>\n        <b>For further information, contact:<\/b><br \/>\n        \n      <\/p>\n<p>\n        <span class=\"xn-person\">Louise Tjeder<\/span><br \/>\n        <br \/>Vice President Investor Relations<br \/>phone: +46 (0) 70\u00a0782 63 74\u00a0<\/p>\n<p>Edvard Bergstr\u00f6m<br \/>Vice President Communications Relations and Productions<br \/>+46 (0) 70\u00a0993 83 11.<\/p>\n<p>This information was brought to you by Cision <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3019416-1&amp;h=609113591&amp;u=http%3A%2F%2Fnews.cision.com%2F&amp;a=http%3A%2F%2Fnews.cision.com\" rel=\"nofollow noopener noreferrer\">http:\/\/news.cision.com<\/a><\/p>\n<p>\n        <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3019416-1&amp;h=4254683610&amp;u=https%3A%2F%2Fnews.cision.com%2Fsandvik%2Fr%2Fsandvik-provides-an-update-on-cost-measures-and-savings%2Cc3260036&amp;a=https%3A%2F%2Fnews.cision.com%2Fsandvik%2Fr%2Fsandvik-provides-an-update-on-cost-measures-and-savings%2Cc3260036\" rel=\"nofollow noopener noreferrer\">https:\/\/news.cision.com\/sandvik\/r\/sandvik-provides-an-update-on-cost-measures-and-savings,c3260036<\/a>\n      <\/p>\n<p>The following files are available for download:<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen1\">\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3019416-1&amp;h=528232831&amp;u=https%3A%2F%2Fmb.cision.com%2FMain%2F208%2F3260036%2F1352715.pdf&amp;a=https%3A%2F%2Fmb.cision.com%2FMain%2F208%2F3260036%2F1352715.pdf\" class=\"prnews_a\" rel=\"nofollow noopener noreferrer\">https:\/\/mb.cision.com\/Main\/208\/3260036\/1352715.pdf<\/a><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Sandvik provides an update on cost measures and savings<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=IO30572&amp;sd=2020-12-21\" \/> View original content:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/sandvik-provides-an-update-on-cost-measures-and-savings-301196721.html\">http:\/\/www.prnewswire.com\/news-releases\/sandvik-provides-an-update-on-cost-measures-and-savings-301196721.html<\/a><\/p>\n<p>SOURCE  Sandvik<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=IO30572&amp;Transmission_Id=202012210717PR_NEWS_USPR_____IO30572&amp;DateId=20201221\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire SANDVIKEN, Sweden, Dec. 21, 2020 \/PRNewswire\/ &#8212; As previously announced Sandvik initiated measures across the Group to mitigate effects from the Covid-19 pandemic, with actions supporting savings both short-term and long-term. Today, Sandvik provides an update on the current status of the long-term cost measures and savings for the 2021 program. Apart from the temporary short-term actions that were initiated at the outbreak of the covid-19 pandemic, Sandvik also announced long-term measures that will generate SEK 1.3 billion in annual savings with majority impacting 2021. Previously communicated implied cost for this program was SEK 2.3 billion. The final cost for this program totals SEK 2.8 billion, of which SEK 1.7 billion was charged to the operating profit in &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/sandvik-provides-an-update-on-cost-measures-and-savings-2\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Sandvik provides an update on cost measures and savings&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-403466","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Sandvik provides an update on cost measures and savings - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/sandvik-provides-an-update-on-cost-measures-and-savings-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sandvik provides an update on cost measures and savings - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire SANDVIKEN, Sweden, Dec. 21, 2020 \/PRNewswire\/ &#8212; As previously announced Sandvik initiated measures across the Group to mitigate effects from the Covid-19 pandemic, with actions supporting savings both short-term and long-term. Today, Sandvik provides an update on the current status of the long-term cost measures and savings for the 2021 program. Apart from the temporary short-term actions that were initiated at the outbreak of the covid-19 pandemic, Sandvik also announced long-term measures that will generate SEK 1.3 billion in annual savings with majority impacting 2021. Previously communicated implied cost for this program was SEK 2.3 billion. 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Today, Sandvik provides an update on the current status of the long-term cost measures and savings for the 2021 program. Apart from the temporary short-term actions that were initiated at the outbreak of the covid-19 pandemic, Sandvik also announced long-term measures that will generate SEK 1.3 billion in annual savings with majority impacting 2021. Previously communicated implied cost for this program was SEK 2.3 billion. The final cost for this program totals SEK 2.8 billion, of which SEK 1.7 billion was charged to the operating profit in &hellip; Continue reading \"Sandvik provides an update on cost measures and savings\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/sandvik-provides-an-update-on-cost-measures-and-savings-2\/","og_site_name":"Market Newsdesk","article_published_time":"2020-12-21T12:20:34+00:00","og_image":[{"url":"https:\/\/c212.net\/c\/img\/favicon.png?sn=IO30572&amp;sd=2020-12-21","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/sandvik-provides-an-update-on-cost-measures-and-savings-2\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/sandvik-provides-an-update-on-cost-measures-and-savings-2\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Sandvik provides an update on cost measures and savings","datePublished":"2020-12-21T12:20:34+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/sandvik-provides-an-update-on-cost-measures-and-savings-2\/"},"wordCount":326,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/sandvik-provides-an-update-on-cost-measures-and-savings-2\/#primaryimage"},"thumbnailUrl":"https:\/\/c212.net\/c\/img\/favicon.png?sn=IO30572&amp;sd=2020-12-21","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/sandvik-provides-an-update-on-cost-measures-and-savings-2\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/sandvik-provides-an-update-on-cost-measures-and-savings-2\/","name":"Sandvik provides an update on cost measures and savings - 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