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Sandvik Coromant grows market reach

By Li Fei (China Daily)
Updated: 2009-07-06 07:58

Sandvik Coromant, a leader in metal cutting tools technology, sees the current economic downturn as an opportunity to gain more market share globally and in China.

"I think we have a very good chance to gain market shares in this downturn," Kenneth Sundh, president of Sandvik Coromant, said.

"We have invested a lot of money in people, in research and development, sales, and productivity and application centers, while our competitors were not as aggressive as us," Sundh said.

China, he added, will become more important for the Swedish company.

"Despite the global financial crisis, China is still the best-performing market for us," Sundh told China Business Weekly in a recent interview.

The cutting tools maker notched up 1 billion yuan ($146.3 million) in sales in China in 2007, industry media reported.

Thanks to China's robust economy, the company has maintained 20 percent annual revenue growth in the country for the past 10 years.

That steady growth came despite a global financial downturn that hit some of its major customers especially hard, including automotive and mining sector customers.

Swedish industrial engineering conglomerate Sandvik Group, of which Sandvik Coromant is one of its business divisions, realized 4.4 billion yuan in revenues in China last year, the company reported.

China is currently the fourth-largest market for Sandvik Coromant, Sundh said.

"China will have a good chance to become the third-largest this year since Italy, now in third place, is mired in a deep recession," Sundh said.

"I think we will see positive growth in China and maybe in some other markets," he said.

Sundh said China's 4 trillion yuan economic stimulus package would provide a boost to his company's operations in China, as well as those of traditional company clients such as automotive and mining sectors.

And Sandvik Coromant can cope with the temporary downturn in China by "relocating resources from underperforming sectors to segments that are still growing".

Related readings:  China to discuss support plans for machinery, textile industries  Machinery sector to see slower growth this year  China National Machinery secures M&A loan  Tax rebate hikes headed on machinery products

Meanwhile, Sundh said, Sandvik Coromant will look for new growth opportunities, including aerospace and energy sectors.

"I think those two are probably the ones that we will continue to grow even if the world is in recession," Sundh said.

Railways and machinery sectors also present "huge opportunities" for the company, said Ee Sian Lee, general manager of Sandvik Coromant Greater China.

While hiring likely will slow down this year, Sundh said the company will offer more training opportunities to its staff and also to customers.

The company established a Sandvik Coromant Academy in Beijing earlier this year.

"It is a center where we can demonstrate our products and where we can combine training with demonstrations," Sundh said.

Training customers on how to best use equipment "can help improve their productivity and therefore cut their costs," Sundh said.

"This is one of the best ways to help them cope with the current economic downturn," he said.