Sandvik

The company was founded by Göran Fredrik Göransson in 1862. He was the first in the world to produce good quality steel using the Bessemer process on an industrial scale (Sir Henry Bessemer's patented process for steel production). The company started as Högbo Stål & Jernwerks AB in Sandviken, Sweden and was later reconstructed as Sandvikens Jernverk (Ironworks) AB in 1868. The Sandvik brand name was officially used for the first time in 1876 when Sandvik began selling products in the USA. Sandvikens Jernverk was introduced on the Stockholm Stock Exchange in 1901.

In the 1860s, sales were conducted through trading houses in Sweden, Norway, Denmark, the UK, Russia, Germany and France. In 1914 the company opened its first sales subsidiary in the UK. This was the start of a long period of expansion as subsidiaries were opened around the world.

Sandvikens Jernverk introduced the first seamless tubes made of stainless steels on the market in 1924 and by 1934 was the first in Europe to perform pilgering of tubes on an industrial scale. The Second World War forced the company to reorganize production. In 1942, the Sandvik Coromant brand was established and the first cemented-carbide tools for metalworking were manufactured a year later. Bessemer steel production was discontinued in 1947.

By 1967 Sandvikens Jernverk had 40 subsidiaries and sales in 100 countries. The company changed its name to Sandvik AB in 1972 and many new factories and acquisitions followed, including Osprey. Cemented carbide production took off and the first rotoform equipment was developed.

Sandvik experienced a substantial decline in 1982-1983 and in 1983 the company recorded its first loss in 62 year. Restructuring measures, a new, decentralized organization and focus on strong areas brought earnings and profitability back on track in only a couple of years.

Sandvik began investing in Eastern Europe in 1989 and subsidiaries and plants were opened in Eastern Europe and Asia throughout the 1990s, including a subsidiary in Beijing, China in 1993.

In 1994, Sandvik became the first in the world to produce diamond-coated carbide cutting inserts on an industrial scale. Safurex®, a high-alloy duplex stainless steel, was developed in 1996. In 1999, Sandvik divested its Saws and Tools business areas.

Automation and remote control of mining equipment, Automine, was introduced in mines in Canada and Sweden in 2001. In 2004, Sandvik's Kanthal division developed the production of high-temperature alloys via powder metallurgy. In 2002, Sandvik acquired a majority shareholding in German tool manufacturer Walter and Austrian tungsten producer Wolfram Bergbau und Hüttenwas acquired in 2009. In 2014, Sandvik companies Dormer, Safety, Impero and Pramet came together to create Dormet Pramet.

In 2016, Sandvik introduced a new strategy based on decentralization and decision-making close to customers.  In 2017, the divestments of Process Systems and Mining Systems were completed.