Sandvik's sales fall 25%
Cutting tool manufacturer Sandvik reported fourth quarter sales of SEK 18.2 billion (about $2.5 billion), a 25% decrease from the same quarter last year.
"The market situation improved slightly in North and South America, Australia and Africa, but remained weak in Europe,” said Sandvik’s president and CEO Lars Pettersson.
Sandvik Tooling order intake declined 18%, while sales contracted 24% at fixed exchange rates for comparable units.
The company said demand was relatively high in Asia, particularly in China, and improved slightly in North America compared with the preceding quarter. A slow improvement was noted mainly in the energy and automotive industries. The increase in activity since September is an indication that many customers are ending destocking activities.
INDUSTRIAL SUPPLY MAGAZINE
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