Burckhardt Compression suspends new business with Russia until further notice due to the war with Ukraine
March 14, 2022 | Ad hoc announcement pursuant to Art. 53 LR
With great dismay and consternation, Burckhardt Compression has observed the news about the conflict between Russia and Ukraine. As a consequence, the Board of Directors and the Executive Management have decided not to accept any new orders from or for Russia with immediate effect. This applies to both the Systems and the Services Division. Burckhardt Compression has no subsidiaries or own employees in Russia and Ukraine. On average over many years, approximately 2-5% of Burckhardt Compression's sales are generated in Russia.
For the current projects, Burckhardt Compression strictly adheres to the applicable export control guidelines and to the applicable sanctions law. In the current fiscal year, which ends on March 31, 2022, orders with a value in the low to mid double-digit million range are scheduled for delivery. Whether these deliveries can still be processed under the current and any further sanctions provisions is currently being clarified. However, the outlook communicated at the beginning of this financial year, with sales of CHF 620-650 million and an EBIT margin above the previous financial year, is not jeopardized by this.