Swedish manufacturer Sandvik reported sales for the third quarter of SEK 22.1 billion (US$2.6 billion), a 2.2 percent decrease over the same period a year ago. Profit declined 83.8 percent to SEK 236 million (US$27.8 million).
For the first nine months, sales were SEK 68.8 billion (US$8.1 billion), up 5.2 percent from the prior-year period. Profit fell 47.3 percent to SEK 2.4 billion (US$282.8 million).
During the quarter the company named a new CEO, Björn Rosengren, who will join Sandvik on Nov. 1. The company also agreed to divest its product area Mining Systems during the third quarter, and recently agreed to divest its interest in the commercial business jet company, Bromma Business Jet AB.
