Sanctions against subsidiaries – Sulzer closes branches in Poland – News

  • Sulzer is closing its branches in Poland with immediate effect.
  • The decision follows a message from Monday. According to orders from the Polish government, the activities of the two subsidiaries must be discontinued.
  • The Swiss industrial group wants to challenge the decision.

Sulzer states that it is “firmly convinced that the sanctions against the two companies in Poland are unfounded”. Therefore, “any legal means” should be used to challenge the decision.

Sulzer is not affected by any other sanctions and no other country has imposed sanctions on the company, Sulzer confirms.

Legend:

The Russian oligarch Viktor Vekselberg holds a 49 percent stake in Sulzer.

Reuters

According to Sulzer, the Polish sanctions would actually affect the main shareholder Viktor Vekselberg, but would have been extended to the Polish Sulzer companies. Sulzer points out that the Russian oligarch does not exercise any control or ownership rights over Sulzer companies and that all his economic rights to Sulzer have been revoked.

In the two Polish branches, Sulzer employed 192 people and achieved sales of 21 million francs in 2021. That is 0.6 percent of the total sales of the past year. Therefore, the financial effects of the closures are limited, Sulzer announced on Monday.

Sulzer share under pressure


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In market circles, for example the stock market specialists at Bank Julius Baer, ​​the announcement of the closure of the business in Poland is classified as price-neutral. The situation should already be priced in based on the announcements from the beginning of the week. However, the majority of investors place sell orders.

By 10 a.m., the share price had fallen 5.9 percent to CHF 65.70. Compared to the closing level from last Friday, this resulted in a minus of over 12 percent. Sulzer is still trading well above the low for the year of 59.05 from early March.

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