Sandvik Materials Technology is divesting its power spring business in Scranton, US and Nogales, Mexico to Lesjöfors AB, which is a subsidiary of Beijer Alma. The sale was reportedly worth USD 15 million.
Sandviks power spring operation offered a wide range of customer applications in consumer, industrial, construction and medical environments. Springs are available in a variety of metals including stainless steel from 301 (common stainless spring steel) to 11R51 (proprietary grade stainless spring steel). Approximately 60 people work for the business with 40 in the US and 20 in Mexico.
Lesjöfors AB is a Sweden-based international manufacturer of industrial springs, wire and flat strip components and operates from 21 manufacturing units in 10 countries.
This divestment is in line with Sandvik Materials Technologys strategy to focus more towards the energy segment and applications related to energy efficiency, and exit businesses considered non-core, commented Petra Einarsson, president of Sandvik Materials Technology.