STOCKHOLM, April 7, 2020 /PRNewswire/ -- The Board of Directors of Sandvik has decided to withdraw the previous dividend proposal and instead propose that the Annual General Meeting on 28 April resolve that no dividend will be paid.

Sandvik has a solid balance sheet and, as earlier announced, prompt actions are being implemented to mitigate future financial impact from the Covid-19-pandemic. However, in the view of the increased economic uncertainty and as a precautionary measure the Board believes that it is justified to withdraw the dividend proposal.

When the market has stabilized and the financial position of the company so permits, it is the Board of Directors' intention to re-evaluate the situation.

A more detailed update on the business situation will be provided in connection with Sandvik's first quarter report on April 20.

This information is information that Sandvik AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 13.00 CET on 7 April 2020.

For further information, contact:
Ann-Sofie Nordh
Vice President Investor Relations
Phone: +46-8-456-14-94

Martin Blomgren
Press and Media Relations Manager
Phone: +46-70-577-0549

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https://news.cision.com/sandvik/r/sandvik-s-board-of-directors-withdraws-its-dividend-proposal,c3083422

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SOURCE Sandvik