DEPO Agree to Stay Independent from Sandvik

Sandvik and German engineering company DEPO have agreed that DEPO should stay independent.

Sandvik and German engineering company DEPO signed an agreement on 22 September 2004 under which DEPO were to become a member of the Sandvik Group by 2 January 2005.

Sandvik and DEPO are both of the opinion that in the given market conditions it is more favorable if DEPO continues to be run by the current owner Heinz Deitert and his management team. Accordingly, Sandvik and DEPO have mutually decided not to go ahead with the transaction.

Sandvik and DEPO will continue their business relation as previously.

http://www.sandvik.com

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