Ad hoc announcement pursuant to Art. 53 LRMay 16, 2022
Sulzer’s business in Poland impacted by local sanctions
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.
It 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.
This document may contain forward-looking statements including, but not limited to, projections of financial developments, market activity, or future performance of products and solutions containing risks and uncertainties. These forward-looking statements are subject to change based on known or unknown risks and various other factors that could cause actual results or performance to differ materially from the statements made herein.
Group Head of External Communications
Sulzer Management Ltd
Chief Financial Officer
Sulzer Management Ltd