Swedish engineering company Sandvik AB (SAND.SK) Friday said it has reached an agreement to sell Sandvik Medical Solutions to Orchid Orthopedic Solutions, owned by Altor Fund III, for an undisclosed sum.

Sandvik last year announced its intention to sell the unit, which makes medical implants and instruments for orthopedic and dental applications.

"The divestment of Sandvik Medical Solutions is in line with our strategy to exit operations outside of the defined core businesses," Anders Thelin, president of Sandvik's Venture business area.

Sandvik said the divestment of the business--which employs around 550 people in the U.S. and the U.K. and had sales of around SEK600 million or $90 million last year--is expected to be concluded in March 2012.

At 0808 GMT Sandvik shares traded 0.5% higher at SEK103.30.

-By Katarina Gustafsson, Dow Jones Newswires +46-8-5451-3097; katarina.gustafsson@dowjones.com

Sandvik AB (PK) (USOTC:SDVKY)
Historical Stock Chart
From Jul 2024 to Jul 2024 Click Here for more Sandvik AB (PK) Charts.
Sandvik AB (PK) (USOTC:SDVKY)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Sandvik AB (PK) Charts.