IPG Provides Update on Russian Operations
In a statement on its website, IPG Photonics shared information about the company’s Russian operations. Last month, IPG announced continued production at its Russian operations. In a March 3 press release, the company said that it suspended further capital investment in Russia other than for maintenance and nonmaterial items.
From IPG: IPG Photonics Corp. hopes that the tragic crisis in Ukraine reaches a resolution as swiftly as possible and our thoughts are with all of those who have been impacted. Our top priority continues to be the safety and well-being of our employees and their families — including our nearly 2000 colleagues in Russia. Based on the state of the situation, we have suspended new investments in our Russian operations, curtailed development projects (shutting down some existing projects), and made progress toward shifting manufacturing capacity from Russia to our facilities in Western Europe and the U.S. We will continue to closely monitor events and provide business updates as appropriate.
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