"Sandvik Materials Technology represents the origin of Sandvik, and great businesses have sprung out of it to shape the current structure. It is my view that a separation will allow full focus on Sandvik Materials Technology's key strengths and its further improved performance," said Sandvik president and chief executive Björn Rosengren.

The company said the separation and the potential public offering will take at least a year. 

You can read the company’s announcement here. The Reuters news service also has coverage here.