Global company Schenck Process has finalised the previously announced sale of its mining business, SP Mining, to the Swedish engineering group Sandvik AB.
Effective from November 1, Schenck Process’s mining business is integrated in the Stationary Crushing and Screening division of Sandvik’s Rock Processing Solutions (SRP) business area.
“As one of the market leaders in screening, feeding, screening media and train loading solutions with a strong aftermarket business, SP Mining will not only complement Sandvik’s existing product offering but also benefit from a greater global reach,” a statement from Schenck Process said.
“Sandvik AB is one of the world’s leading suppliers of equipment, services, and solutions in the area of rock and mineral processing,” said Keith Cochrane, Chief Executive Officer of the Schenck Process Group.
“I am confident that SP Mining has great opportunities for future growth and furthering its potential within the new ownership structure. I would like to thank all the employees of the SP Mining business for their significant contribution to the Schenck Process Group over many years and wish them well and for continued success as part of Sandvik Rock Processing.”
With the sale of the mining business, Schenck Process is now looking to expand its portfolio in other industries, including food, chemicals and performance materials industries, as well as infrastructure and energy.
Sandvik expects to gain revenue growth of “mid- to high-single digits above market growth” through the acquisition.
In 2022, SP Mining is projected to have a revenue of 200 million Euros ($310 million), of which approximately 70 per cent is aftermarket.
About Sandvik Group
Sandvik Group Sandvik is a global, high-tech engineering group providing solutions that enhance productivity, profitability and sustainability for the manufacturing, mining, and infrastructure industries. It is at the forefront of digitalisation and focus on optimising customers’ processes. Its offering includes equipment, tools, services, and digital solutions for machining, mining, rock excavation, and rock processing. In 2021 the Group had approximately 39,000 employees and revenues of about 86 billion SEK ($12.21 billion) in about 150 countries within continuing operations.
About Schenck Process
Schenck Process is a global provider of sustainable products, integrated solutions, and services in mission-critical applications for bulk materials. Headquartered in Darmstadt, Germany, the group prior to the mining sale has about 3,100 employees with a presence in over 21 countries across six continents focused on the food and mining markets, alongside chemicals and performance materials, and infrastructure and energy.
The product offering includes solutions for industrial weighing, feeding, conveying, pulverising and classification, screening, mixing, and blending, and associated digital applications.