Sandvik Materials Technology, a division of Swedish manufacturer Sandvik, is closing its die cutting business in Qingdao, China, and has proposed closing a die cutting sales office in Halesowen, UK. The company said the closures are in line with its strategy to focus on SMT's energy segment and applications related to energy efficiency and exit businesses considered non-core.
Sales for die cutting operation totaled about SEK 75 million (US$10.1 million) in 2013 and the number of employees is 57 (51 in China and six in the UK). The operations will be phased out during three months and the closure of the die cutting operation is expected to be finalized during the second quarter of 2015.
"We see this closure as another step in the transformation of SMT into an energy focused niche actor," said SMT President Petra Einarsson. "We are continuously developing our product portfolio towards even more advanced products and materials for the most demanding industries."
