Operating profit of £60m for Sandvik
Swedish industrial engineering group Sandvik made an operating profit of £60 million for its latest quarter.
Revenue for the fourth quarter of 2019 was £2.14 billion for Sandvik, which has a site at Manor Way, Halesowen.
The group's order intake was 2.03bn.
President and chief executive Bjorn Rosengren said: “In the fourth quarter, demand remained at a high level in the long-cycle mining and energy businesses, although a significant decrease was reported for our short-cycle businesses.
"Entering the quarter, our clear ambition was to reduce inventories, and I am pleased that all business areas played a part in bringing inventories down to a satisfactory level. Earnings were partially supported by the cost measures initiated and, going forward, we should see savings being increasingly realized as activities are executed."
