Investing.com -- Sandvik, the Swedish company known for its metal-cutting and mining equipment, announced on Tuesday that it is aiming for annual savings of 1 billion Swedish crowns ($103.3 million) by the end of 2030.

The savings target was shared ahead of the firm’s investor day.

The company plans to achieve these savings through restructuring measures in its Machining business area, which will be implemented over a five-year period from 2025 to 2030.

Sandvik also noted that the restructuring process would incur costs of 3 billion crowns during this period.

These costs will be associated with site consolidations and other related measures.

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