Transaction-Watch Materials Profile · Nasdaq Stockholm: SAND
Sandvik: a world-class metal-powder bottleneck that has been sold out of the public equity.
Sandvik’s former Additive Manufacturing unit produces gas-atomized metal powders for AM, metal injection molding and HIP, alongside controlled-expansion alloys. Sandvik signed an agreement in May 2026 to sell the unit to Mimir. Mimir announced on 1 October 2026 that the acquisition has been completed and that the business now operates as Osprey. Sandvik’s Q3 2026 report (22 October 2026) books a further SEK 9 million write-down related to the divestment but does not itself state completion.
As of: 24 October 2026 · Status: Divested (completion per Mimir’s 1 October 2026 announcement); moved to Transaction and structure watch · Recommendation: None
Company Signal Monitor
LAST VERIFIED / REVIEWED
2026-10-24
WHAT CHANGED
2026-10-24 — Company Signals Update — 24 October 2026
2026-10-05 — Company Signals update: structure and guidance changes, 5 October 2026
NEXT CATALYST TO MONITOR
Sandvik’s own confirmation of the completion announced by Mimir (not stated in the Q3 2026 report), sale proceeds and any retained AM-related assets.
Quick research snapshot
AM exposure: Medium
Pure-play score: 2 / 5
Bottleneck score: 3 / 5
Evidence: Qualified
Financial materiality: Emerging
Main risk: The completed divestment has removed the direct AM exposure from the listed group.
Research verdict: Sandvik’s former Osprey powder capability remains strategically relevant, but Mimir announced on 1 October 2026 that its acquisition of the business has completed. The scores shown reflect the business before the sale; Sandvik is no longer scored as a direct public AM exposure in the Company Database and is tracked under Transaction and structure watch.
Investor read
Sandvik no longer offers direct exposure to its former AM powder capability. Mimir announced on 1 October 2026 that it has completed the acquisition, and the Osprey powder and controlled-expansion-alloy business now operates as Osprey outside Sandvik. Sandvik’s Q3 2026 report includes a SEK 9 million write-down related to the divestment of Additive within Machining, after SEK 320 million of Q2 impairments on the signed Additive Manufacturing and ZeroTouch divestments. It reports no significant events after the quarter and does not itself state completion.
The group itself is performing strongly: third-quarter organic revenue grew 25%, adjusted EBITA margin reached 22.5% (19.0%) and order intake rose 17% organically. Those results are driven by Sandvik’s broader mining and machining portfolio. Sandvik’s retained tungsten powder business is a feedstock signal: Sandvik cites structural supply constraints, and powder orders and revenues more than doubled year on year on higher tungsten prices. That business serves cemented carbide, not the divested AM powder line.
The critical diligence question is therefore no longer whether Sandvik owns a metal-powder bottleneck. Per Mimir’s completion announcement, that bottleneck is no longer investable through Sandvik; the remaining question is whether any retained assets prove material to AM.
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