Sandvik's Strategy: Innovation in Manufacturing and Mining

Innovation in mining is crucial, particularly as the growing focus on environmental best practice is causing leading companies to find new ways to mine more responsibly.

This comes alongside growing pressure for mining companies to be more transparent in how they operate, utilising innovations to share environmental and social performance, and boosting their social licence to operate.

Sandvik, a high-tech engineering group, creates new tools for industries including mining.

The company has recently announced that it has updated 'Advancing to 2030' strategy, which is due to take effect in 2026 and has sustainability embedded throughout.

“The revised strategy is called Advancing to 2030 because it emphasises that we need to continue to move in the good direction that we have set and make progress in that direction,” says Stefan Widing, President and CEO Sandvik.

More about Sandvik

Sandvik provides solutions for the manufacturing, mining and infrastructure industries helping to enhance productivity, profitability and sustainability.

The company is regarded as a leader in equipment and tools, service, digital solutions and sustainability, driving technology application for the mining industries. 

It has created products such as electric mining equipment and eco-efficient rock processing, as well as metal cutting tools, tooling systems and digital solutions, that drive higher efficiency and automation in component manufacturing.

Sandvik says that it is focused on advancing the world through engineering.

What is the new strategy?

Sandvik’s new strategy will take the company up until 2030.

It will focus on five key objectives: 

• Drive growth
• Empower high performing teams
• Accelerate digital 
• Delivery profitability and efficiency 
• Lead industry innovation

The company's existing growth target of 7%  - focused on both organisation growth and acquisitions - will continue on through to 2030.

As part of its ongoing development, Sandvik will introduce a psychological safety index that targets the health and safety of employees, with a specific focus on their psychological safety.

Sandvik's objective for accelerating digitalisation is to create a more intelligent, automated and resilient business capable of delivering market leading experiences and greater efficiencies that empower customers and colleagues. 

The company pledges to continue its investment of around 4% of revenues in R&D, with plans to establish new innovations and more sustainable solutions.

“Driving growth and delivering profitability and efficiency are related to our financial targets,” adds Stefan. 

“Organic growth is always the highest priority. This is achieved mainly through leveraging our premium products and innovations, which will continue to be at the core of Sandvik. 

“We have also now built a strong foundation in our digital offering and have a new objective to accelerate this progress.”

What is Sandvik doing to be sustainable?

Following Sandvik's 2024 Annual Report, the company announced it would be taking part in a sustainability shift with the aim of being a more positive force in shaping the industries of the future.

With 65% of the emissions in its value chain deriving from the use of its products, the company has focused innovations in automation, digitalisation and electrification. These will help to improve efficiency and productivity while also reducing emissions and waste.

The company has also committed to reaching net-zero greenhouse gas emissions by 2050. It also has a goal of having 90% waste circularity by 2030, which aims to increase recycled content in its products and run buyback programmes to reuse materials. 

In 2024 the company engaged in roughly 160 community projects, where it actively participated in local communities through partnerships, education and volunteering.

Mats Lundberg, Head of Sustainability at Sandvik says: “I’m proud that our technology contributes and makes a difference to some of the world’s biggest challenges too, like climate change and ways to use resources more efficiently. 

“Our research actually turns into something tangible — a product. It’s not just another scientific report.”

Purpose and core values

Sandvik also revised its purpose following the announcement of the new strategy, stating that its mission is centred around "advancing the world through engineering”.

It also has several revised core values: winning together, curiosity, responsibility and customer focus. 

Stefan says: “We should be very proud of what we have achieved because we have delivered on many of the targets we set out a few years ago. 

“We have made good progress. And through our revised core values, our purpose and our updated strategy, Sandvik will continue to be recognised as one of the world's leading industrial technology companies.”