Tuesday, 17 May 2022 10:47

Sulzer’s business in Poland impacted by local sanctions

Written by
Rate this item
(0 votes)

Sulzer has to temporarily suspend the activities of its two legal entities in Poland due to sanctions levied by the Polish government. The Polish sanctions apply to Sulzer’s minority shareholder, Viktor Vekselberg, and have been expanded over Sulzer’s two Polish entities, even though Mr. Vekselberg has no control or ownership of any Sulzer entity and is deprived of all his economic rights at Sulzer. The company is not sanctioned in any other country or legal entity and is consequently able to continue to develop its business globally. The potential impact on sales, if the suspension were to last, is limited to CHF 21m, representing 0.6% of Sulzer's total sales in 2021.

2022 05 17 104600It is Sulzer’s firm belief that the sanctions against its two entities in Poland are erroneous. Sulzer therefore continues to petition for urgent removal of its entities Sulzer Pumps Wastewater Poland and Sulzer Turbo Services Poland from the Polish sanctions list. Interactions with the Polish government are ongoing, with the support of representatives of the Swiss government administration.

Based on an OFAC (Office of Foreign Assets Control) license granted in 2018, Sulzer is free to operate globally, independent of its sanctioned minority shareholder.

Sulzer has a total of 192 employees in Poland, all of whom are unfortunately affected by the Polish sanctions. We deeply regret this devastating situation, and the wide-ranging effects that the suspension is having on our employees and their families, as well as on the network of trusted customers, suppliers and partners that we have built up over many years of business in Poland.

Sulzer will continue to do everything in its power to petition for a removal from the sanctions list, while fully complying with the sanctions currently levied against the two entities. Sulzer Group continues to provide support to the families impacted by the local Polish sanctions.

Sulzer is a global leader in fluid engineering. We specialize in pumping, agitation, mixing, separation and purification technologies for fluids of all types. Our customers benefit from our commitment to innovation, performance and quality and from our responsive network of 180 world-class manufacturing facilities and service centers across the globe. Sulzer has been headquartered in Winterthur, Switzerland, since 1834. In 2021, our 13’800 employees delivered revenues of CHF 3.2 billion. Our shares are traded on the SIX Swiss Exchange (SIX: SUN). www.sulzer.com

Read 77 times