Economic responsibility
Policy:
"Sandvik shall have accurate record-keeping consistent with all applicable standards. This applies to each and every detail of the business. All employees are responsible for maintaining accurate books and records to efficiently manage our business."
Sandvik contributes to long-term economic growth by providing advanced products that facilitate improvement of productivity and profitability for our customers. Sandvik's operations are concentrated to some core areas:
- Sandvik Machining Solutions develops, manufactures and sells tools and tooling systems for metal cutting. Major customers include companies in the general engineering, automotive and aerospace industries.
- Sandvik Mining and Sandvik Construction develops, manufactures and sells machinery and tools for mechanical rock excavation in mining and civil engineering worldwide.
- Sandvik Materials Technology develops, manufactures and sells products mainly in stainless steel, special alloys and ceramic resistant materials, as well as process plants. Customers are to be found in most industrial segments.
- Sandvik Venture develops, manufactures and sells products in different applications such as process systems, high-speed steel, cemented carbide blanks, industrial diamonds and medical solutions.
Sandvik's financial objectives are aggressive and are based on the Group's world-leading positions in its product areas, on a widespread geographic presence, strong R&D programs and efficient production and logistics. We are also highly dependent on the quality of our people and our ability to live up to our strategy.
The objective for organic growth – 8% annually, on average, is high considering the fact that the long-term underlying market growth rate is between 3% and 4%. The higher objective is based on:
- Increased market shares in present and new markets.
- New products.
- New application areas with higher than average growth potential.
Financial performance is reported in the Group's annual and interim reports.
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