STOCKHOLM, April 23 (Reuters) – Swedish machinery and tool
maker Sandvik posted a bigger-than-expected 33 percent
drop in first-quarter operating profit, adding to signs that
miners are cutting back spending amid sliding commodities
Sandvik, which along with domestic rival Atlas Copco
supplies more than half the global market for
underground mining gear like drill rigs and crushers, said on
Tuesday mining orders dropped 30 percent in the quarter,
excluding currency swings.
STOCKHOLM, April 17 (Reuters) – Industrial bellwether SKF
Inc, the world’s biggest bearings maker, expects
demand to stay flat in the next few months before an improvement
in conditions in some of its major markets emerges later in the
The Swedish company, a gauge of manufacturing activity as
its bearings are used in sectors ranging from household
appliances to nuclear power plants, has suffered five straight
quarterly falls in sales volume, including a 9 percent drop in
the first quarter.
STOCKHOLM, April 8 (Reuters) – Telecom equipment maker
Ericsson said it had struck a deal to buy Microsoft
Corp’s Mediaroom IPTV business, which makes software
used by phone companies to deliver television over the Internet.
Ericsson said it expected to close the deal for the
business, which employs more than 400 people worldwide, during
the second half of 2013. It did not disclose a purchase price,
though a company official provided a ballpark figure.
STOCKHOLM, April 2 (Reuters) – Tele2 said it
stood to gain more than the $3.5 billion price agreed for its
Russian unit if the buyer sells it again within a year, as the
Swedish telecoms group tries to fend off competing bids from
Tele2 Russia’s competitors MTS, Vimpelcom
and billionaire Mikhail Fridman’s A1 group are trying to
overturn Tele2′s decision to sell the business to
state-controlled bank VTB, hoping to get rid of a
MOSCOW/STOCKHOLM, March 28 (Reuters) – Russian billionaire
Mikhail Fridman is ready to trump state bank VTB’s
deal to buy Tele2′s Russian division and is
considering an offer for the whole of the Nordic telecoms group.
Fridman’s investment partnership A1 said on Thursday it was
prepared to make an all-cash bid of $3.6-$4 billion for Tele2′s
Russian arm, which would top an agreed sale to VTB that puts an
enterprise value, or equity plus debt, on the business of $3.5
STOCKHOLM, March 27 (Reuters) – In the shadow of well-known
brands like Volvo and Ericsson, an acquisition-packed decade has
made technology firm Hexagon one of Sweden’s most
valuable companies and a rare newcomer among its top blue chips.
The company, market leader in precision measurement
technology used in fields from microchip making to surveying dam
construction, is now worth more than Swedish world number two
white goods maker Electrolux after taking its
business so far from its roots as to be unrecognisable.
STOCKHOLM, March 26 (Reuters) – Autoliv, the
world’s biggest maker of car safety equipment, is on the look
out for acquisitions in new high-tech areas, enticed by strong
growth prospects for products that can help cars to avoid
Chief Executive Jan Carlson said Autoliv was keen to expand
into this new technology that includes sensors and radar but
that there were few companies willing to sell.
PARIS/STOCKHOLM (Reuters) – STMicroelectronics and Ericsson will close their loss-making mobile chip joint venture ST-Ericsson by dividing parts of the business between them and shutting the rest with the loss of about 1,600 jobs.
The announcement ends months of speculation about the future of ST-Ericsson, which has been hit by a big drop in orders from top customer Nokia as the phone maker lost market share to Apple and Samsung.
STOCKHOLM/OSLO, March 10 (Reuters) – Executive excess need
not be etched in stone. Just look at the Nordic region, where an
egalitarian tradition and a high quality of life leave top
managers content with lower paychecks.
Though corporate pay scandals do occur and the gap between
executive and average salaries has risen, company bosses in
Sweden, Denmark, Finland and Norway earn lower wages on average
than in the United States and elsewhere in Europe, data show.
STOCKHOLM (Reuters) – Swedish truck maker Volvo (VOLVb.ST: Quote, Profile, Research, Stock Buzz) warned of a rough start to 2013 after weak demand in its main markets left factories running at half speed and pushed it into a heavier than expected quarterly earnings fall.
Volvo, which only weeks ago laid claim to have dethroned Germany’s Daimler (DAIGn.DE: Quote, Profile, Research, Stock Buzz) as the world’s biggest manufacturer of heavy trucks on the back of a joint venture in China, said that weak orders at the end of 2012 meant the first quarter would be difficult.