- EU bank EIB provides a €500 million loan to the Sandvik Group
- The EIB loan will support R&D investments in advanced machining solutions as well as cutting-edge solutions for electrification and automation for the mining and infrastructure industries
- The research will be carried out at Sandvik’s existing research and development centres in Sweden, Finland and Germany.
Highly-advanced, specialised machining tools and equipment are essential to improve energy efficiency performance and reduce waste in industrial sectors such as component manufacturing, mining and infrastructure. The development of such solutions is cost-intensive yet necessary to keep technology at the forefront, and thereby secure jobs and the economy. The European Investment Bank (EIB) today announced that it has provided a €500 million loan to the leading machining, mining and rock processing solutions company Sandvik for research and development investments.
Stockholm-based Sandvik is a leading provider of high-precision tools, equipment, services and digital solutions in the fields of component manufacturing, mining and infrastructure. Financing of this project supports Sandvik’s R&D activities in developing new solutions and technologies in terms of equipment for mining and infrastructure, as well as tools and tooling systems for advanced industrial metal cutting. The research will be undertaken at Sandvik’s existing European research centres and will consequently help to maintain highly-skilled jobs in the industry, specifically in Sweden, Finland and Germany.
EIB Vice-President Thomas Östros, responsible for Sweden, stated: “Supporting a highly specialised industry’s research and development is critical to facilitate the green transition and to keep Europe’s competitive edge. Key areas for this project are innovation, circularity, and process efficiency for advanced metal cutting. In addition, the project focuses on electrification of mining equipment and machines for the mining industry. These R&D efforts are designed to deploy new innovative technologies that will contribute to making the industry more sustainable and environmentally friendly.”
Sandvik CEO Stefan Widing, commented: “We have a strong strategic focus on developing solutions that improve sustainability, productivity and safety in our core industries of mining, component manufacturing and infrastructure. The EIB cooperation will support our R&D initiatives and our aim to stay at the forefront and develop our technology leadership.”
Policy context:
The project supports the European Union’s Horizon Europe Pillar 2 — Global Challenges and European Industrial Competitiveness objectives, as well as the EIB’s "Innovation, Digital and Human Capital" public policy goal. Furthermore, the project will contribute substantially to the Bank's climate action and environmental sustainability objectives.
Background information
About the European Investment Bank
The EIB Group has set “ensuring a just transition for all” as one of the four overarching objectives of its Climate Bank Roadmap 2025. The EIB’s ambition is to support €1 trillion of climate action and environmental sustainability investments in the decade to 2030 and align all its new operations with the goals and principles of the Paris Agreement.
About Sandvik
Sandvik is a global, high-tech engineering group providing products and solutions that enhance productivity, profitability and sustainability for the manufacturing, mining and infrastructure industries. In 2021, the Sandvik Group had approximately 39 000 employees, sales in more than 150 countries and revenues of about SEK 86 billion within continuing operations. Sandvik is a world leading company in (i) equipment and tools, services, digital solutions and sustainability-driving technologies for the mining and infrastructure industries, such as automated and electric mining equipment and eco-efficient rock processing, and (ii) metal-cutting tools, tooling systems and digital solutions driving higher efficiency and automation in component manufacturing as well as industrial metrology technologies, additive manufacturing services and metal powder.