Burckhardt suspends new business with Russia

Burckhardt’s Compression announced its board and executive management have decided not to accept any new orders from or for Russia with immediate effect because of the war in Ukraine.

The new policy applies to the company’s Systems and Services Division. Burckhardt has no subsidiaries in either country, but on average over many years, it has generated between 2% and 5% of its sales from Russia. For the current projects, Burckhardt said it 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,” the company announced.

The new policy does not jeopardize its outlook for the current fiscal year for sales of CHF 620-650 million and an EBIT margin above the previous financial year, Burckhardt announced.