Burckhardt Compression suspends new business with Russia
14 March 2022 09:48
Burckhardt Compression, a compression manufacturer from Winterthur, is suspending new business with and for Russia until further notice with immediate effect. It was reported in a press release that the Board of Directors and the Executive Management came to this decision, which applies to both the Systems and the Services Divisions. The reason for this move is Russia’s war on Ukraine.
Existing orders will still be processed, but in line with applicable export control guidelines and any further sanctions provisions. Whether these deliveries can be made is currently being clarified. According to information provided, “orders with a value in the low to mid double-digit million range are scheduled for delivery”.
The sales communicated at the beginning of this financial year of 620 to 650 million Swiss francs and an EBIT margin above the previous financial year are not jeopardized by this, the company explains. On average, approximately 2 percent to 5 percent of Burckhardt Compression’s sales are generated in Russia. The company’s financial year ends on 31 March.