Tag Archives: Björn Rosengren

ABB agrees to divest Dodge mechanical power transmission division to RBC Bearings Inc

ABB has signed a definitive agreement to divest its Mechanical Power Transmission division (Dodge) to RBC Bearings Incorporated for $2.9 billion in cash.

The transaction will create a leading manufacturer of highly engineered, performance-critical bearings and motion control components serving the aerospace, defence and industrial markets.

For more than 140 years, the Dodge business has been a leader in the design, production, and marketing of mounted bearings, enclosed gearing and power transmission components. It offers one of the broadest portfolios of mechanical power transmission products in the market, selling to industries including surface mining. It has roughly 1,500 employees worldwide and achieved revenues of approximately $600 million for the last 12 months ending June 30, 2021.

It produces at six manufacturing sites – five in the US and one in China – and its headquarters is located in Greenville, South Carolina.

“We are delighted that Dodge has found an excellent new home with RBC Bearings, where it can continue its exciting growth story,” ABB CEO, Björn Rosengren, said. “This transaction further strengthens ABB’s balance sheet. In line with our capital allocation priorities, we plan to first use the proceeds from the transaction to fund organic growth, pay a rising sustainable dividend per share and make value-creating acquisitions. Furthermore, we will give an update on our plans for the Turbocharging exit and possible listing of our E-Mobility division in due course.”

RBC Bearings Chairman, President and Chief Executive Officer, Dr Michael J Hartnett, said: “The combination will enhance RBC Bearings’ capabilities, footprint, and customer access while increasing our exposure to Dodge’s attractive end markets. Our businesses are highly complementary, with Dodge bringing new offerings, new end markets, and more scale to the combined organisation. The combined company will have an attractive position in the aerospace, defence and industrial markets with a diversified client base and expansive geographic footprint.”

The transaction is expected to be completed by the end of the year 2021, subject to customary closing conditions, including regulatory review.

Henrik Ager to lead Sandvik Mining and Rock Technology

Sandvik has appointed Henrik Ager, currently President for the Rock Tools division, as President of the Sandvik Mining and Rock Technology business area and a member of the Sandvik Group Executive Management, effective April 1.

Ager has more than 16 years’ experience in the mining industry, of which an extensive period has been spent living in South Africa. Additionally, he has worked in Australia, South America, India and other important mining markets.

His previous experience at Sandvik includes being President for the Global Equipment division and Vice President for Strategy within Sandvik Mining and Rock Technology. He also held leading positions at McKinsey, Ericsson and several high-tech start-ups prior to joining Sandvik in 2014.

Sandvik’s President and CEO, Björn Rosengren, said: “I’m convinced that Henrik Ager, with his experience, already proven leadership skills and excellent performance in Sandvik, has the right capabilities to lead Sandvik Mining and Rock Technology going forward.

“Henrik is committed to further strengthening Sandvik Mining and Rock Technology’s market position, reinforcing customer relations, driving aftermarket sales, leveraging further on a decentralised way of working and ensuring our forefront position within automation, electrification and sustainability.”

Ager succeeds Lars Engström who, as announced last month, will leave Sandvik.

Photo credit: Gefle Dagblad, GD

Sandvik Mining and Rock Technology’s Lars Engström to leave in 2019

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.