Sandvik has announced that Lars Engström, President of Sandvik Mining and Rock Technology, will leave the company this year after the appointment of a successor.

The news came on the same day the company announced the acquisition of battery-electric underground machine specialist Artisan Vehicles.

Engström has been a member of the executive management of Sandvik since 2016, heading up the Sandvik Mining and Rock Technology business. He has, during this time, successfully improved the performance of the business area and its divisions in accordance with Sandvik’s strategy to ensure stability, profitability and growth, the company said.

“During Lars Engström’s leadership, Sandvik Mining and Rock Technology’s has grown from about SEK30 billion ($3.33 billion) to SEK44 billion in revenues and the operating margin has improved from 10% in the beginning of 2016 to 19% in the fourth (December) quarter of 2018,” Sandvik said.

Björn Rosengren, Sandvik’s President and CEO, said he was very grateful for Engström’s contributions to the group.

“He has built a successful decentralised organisation and significantly strengthened the results of Sandvik Mining and Rock Technology’s divisions. However, we have now together reached the conclusion that it’s time for a new leadership.

“We have a lot of good talent in Sandvik so I feel confident that we will have several interested and motivated candidates for the job. At the same time, I’m pleased that Lars will stay on-board to ensure a successful transition before leaving.”

The recruitment process for a new president of Sandvik Mining and Rock Technology will now be initiated, Sandvik noted.