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Russian Siemens

Siemens to close Russian business

WEBWIRE – Friday, May 13, 2022 Siemens will exit the Russian market as a result of the Ukraine war. The company has started proceedings to wind down its industrial operations and all industrial business activities. The financial impact of this decision will be reported as part of the regular disclosure on the second quarter results…

WEBWIRE

As a result,

Siemens will leave the Russian market. As a result of the Ukraine war, Siemens has begun proceedings to end its industrial operations. The financial impact of this decision will be reported as part of the regular disclosure on the second quarter results today on May 12, 2022.

Since the outbreak of war, Siemens has put all new business and international deliveries to Russia or Belarus on hold. The company’s Russian business activities, especially rail service and maintenance, are being affected by the current and future international sanctions.

Roland Busch is the President and CEO at Siemens AG. He stated: We strongly condemn the war in Ukraine. We have made the decision to conduct an orderly process to end our industrial activities in Russia. This was not an easy decision, given our duty of care for our employees and long-standing customer relationships, in a market where we have been active for almost 170 years. We are currently evaluating the effect on our people and will continue to support them to their best ability. We also provide humanitarian assistance for our colleagues and people in Ukraine, and we stand with the international community to call for peace .

The business will follow the legal requirements to end its activities.

Siemens Healthineers already disclosed its activities in Russia as part its Q2 disclosure, May 4.

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Siemens AG (Berlin and Munich) is a technology company focused on industry, infrastructure, transport, and healthcare. The company develops technology that adds real value to customers by creating more efficient factories, resilient supply chains, smarter buildings and grids, as well as cleaner, more comfortable transportation and advanced healthcare. Siemens empowers customers to transform their markets and industries, transforming the everyday lives of billions. Siemens holds a majority share in the publicly traded company Siemens Healthineers. This is a global leader in medical technology and shaping the future healthcare. Siemens also holds a minority share in Siemens Energy, which is a world leader in the generation and transmission of electricity.
In fiscal 2021, which ended on September 30, 2021, the Siemens Group generated revenue of 62.3 billion and net income of 6.7 billion. As of September 30, 2021, the company had around 303,000 employees worldwide. Further information is available on the Internet at www.siemens.com.

Notes and forward-looking statements
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