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Sandvik Annual General Meeting 2002
Sandvik AB
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Company: Sandvik AB, Sweden
Attn: Information Dept

Sandvik AB's Annual General Meeting in Sandviken on 7 May approved the
Board's proposed dividend of SEK 9.50 for the 2001 fiscal year. The
record date to receive the dividend was set at Monday, 13 May 2002.
Payment is expected through VPC on Thursday 16 May 2002.

In his final address as President of Sandvik, after a total of 37 years
with the company, Clas Ake Hedstrom commented on the 2001 fiscal year
and development during the first quarter this year. He provided a number
of examples of the Group's aggressive efforts since the new growth
strategy was announced. During the past ten years, Sandvik has acquired
slightly more than 30 companies, which have added annual sales of SEK 18
billion, calculated at the date of acquisition. Clas Ake Hedstrom
thanked Percy Barnevik who declined re-election after 19 years as Board
Chairman. During this period, Sandvik's invoicing rose 500%, earnings by
1,000% and the share rose 2,000%. At the Board meeting on 16 January,
Percy Barnevik was named Honorary Chairman of the Group when he leaves
the Board.

In accordance with the proposal by the Board, the Meeting resolved to
authorize the Board to decide, prior to the next Annual General Meeting,
to make additional purchases of the company's own shares. The buy-back
shall be effected on the Stockholm Exchange and shall be limited to a
maximum number of shares that the company's holding at any given time
does not exceed 10 percent of all shares in the company. The buy-back is
a step toward adjusting the company's capital structure in accordance
with established financial objectives. At the current price level, the
buy-back would increase Sandvik's return on shareholders' equity and
increase earnings per share. At the statutory Board meeting held today
(7 May), the Board decided to exercise the authority granted by the
Annual General Meeting to acquire shares in the company.

Clas Ake Hedstrom was elected new Board Chairman. Board members Georg
Ehnrooth, Per-Olof Eriksson, Arne Martensson, Lars Nyberg and Mauritz
Sahlin were re-elected. Anders Nyrn, President of AB Industrivarden,
was elected new member after Clas Reuterskiold who declined re-election,
and Lars Pettersson, who was earlier named President and CEO as of 7
May, were elected as new Board members.

Auditors: Authorized Public Accountants Lars Svantemark and Bernhard
Ohrn. Deputy Auditors: Authorized Public Accountants Peter Markborn and
Ake Nasman. The employee representatives appointed to the Board are Bo
Bostrom (member), Goran Lindstedt (member), Birgitta Karlsson (deputy)
and Bo Westin (deputy).

Engineers Jan Lundstrom and Jorgen Wiman, who both work at Sandvik
Coromant, received the Wilhelm Haglund Medal for 2002 and were named
product developers of the year. They were recognized for development of
a new, advanced cemented-carbide insert for turning that doubles the
customer's productivity.

Sandviken, 7 May 2002


     Tel: +46 (0)26 26 00 00   Fax: +46 (0)26 26 10 22
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