Hardmetals company Sandvik has signed an agreement to divest Hyperion to US-listed investment firm KKR for SEK4 billion.

Hyperion makes wear-resistant tools, applications and components in hard and super-hard materials. It has approximately 1,400 employees and has in the last twelve months reported revenues of SEK 3.2 billion, representing 4% of Sandvik’s total revenues.

‘I’m pleased that we have found a new owner who will support Hyperion’s continued development. This agreement is an important step in focusing Sandvik on its core businesses,’ said Björn Rosengren, president and CEO of Sandvik. ‘The divestment creates additional capacity for growth and expansion for the core business of Sandvik.’

Hyperion will remain reported in Other Operations in the Sandvik financial statements until closure of the deal. The closing of the transaction is expected during the first half of 2018 and is subject to the approval of relevant authorities.

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