Hardmetals tooling specialist Sandvik has reported revenues of SEK 100,072 million, compared to SEK 90,827 million for the 2017 financial year.

Machining solutions received revenues of SEK 40,343 million compared to SEK 35,777 million in 2017. with 7.7% organic growth. According to the company, the market slowed down somewhat in the second half of 2018 with slightly lower growth rates in the global automotive and aerospace industries. While both the oil and gas and machinery sectors had stable growth, it was at lower levels compared to 2017. Cutting tools were particularly strong in the Americas in 2018 showing double-digit growth throughout the year, and Asia Pacific had high-pace growth in the first six months, while China slowed down in the last half of the year. ‘The cutting tool market in Europe continued to show healthy growth throughout 2018 with strong performance in most markets,’ the company said in its report.

Materials Technology reported revenues of SEK 15,111 million compared to SEK 13,618 million in 2017 with 12.5% organic growth. ‘2018 was a strong year for Sandvik Materials Technology with a rise in demand for products such as heating systems and tubes,’ the company added. ‘High nickel prices contributed to the positive effect on our profit, as did an upturn in the oil and gas industry, which is the largest customer segment.’

‘2018 was a record year for Sandvik,’ said Jörn Rosengren, president and CEO. ‘We reported the best earnings in the history of the company and a record-high operating margin. For the first time ever, sales exceeded 100 billion SEK. Our strong cash flow, together with successful divestments, strengthened our balance sheet, and we carried out growth-orientated acquisitions in all three of our business areas.’

This story uses material from Sandvik, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.