SDVKY Sandvik AB (PK)

By Dominic Chopping

STOCKHOLM--Swedish engineering group Sandvik AB said Monday that it will book around 1.9 billion Swedish kronor ($203 million) of costs this year from its previously announced restructuring to mitigate effects from the Covid-19-pandemic, up from a previous estimate of SEK1.4 billion.

The company said temporary short-term actions are progressing according to plan and are expected to generate savings of about SEK1.5 billion in 2020.

Savings from long-term measures are now seen at about SEK1.2 billion, from SEK900 million previously, and will reach full annual run-rate by the end of 2021, it said.

Sandvik said the cost from these long-term measures imply costs of about SEK1.9 billion, with SEK1.3 billion booked in the second quarter 2020 and the remaining amount in the second half of 2020.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

June 29, 2020 06:37 ET (10:37 GMT)

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