medmix to suspend operations in Poland
May 16, 2022
Ad hoc announcement pursuant to Art. 53 LR
medmix suspends the operations of its manufacturing site in Wroclaw, Poland as a result of sanctions levied by the Polish government. The sanctions apply to medmix’ minority shareholder, Viktor Vekselberg, but have been extended to medmix Poland, even though Mr. Vekselberg has no control or ownership of any medmix entities and is deprived of all his economic rights in medmix. The company is not sanctioned in any other country and continues to develop its business globally while vigorously challenging its designation in Poland, with the active support of the Swiss government administration.
medmix firmly believes that the sanctions against its entity in Poland are erroneous. The company’s urgent request for removal from the Polish sanctions list is currently under review by the relevant government authority in Poland. Due to the delay in obtaining a response, medmix is forced to suspend manufacturing in its Polish entity with immediate effect, until further notice.
Mr. Vekselberg has no control or ownership of any medmix entity. Based on an OFAC (US Office of Foreign Assets Control) license granted in 2018, medmix is free to operate globally, independent of its sanctioned minority shareholder. As per this OFAC license, Mr. Vekselberg is deprived of all his economic rights in medmix and can neither buy nor sell medmix shares without OFAC approval, nor receive the dividend.
medmix has not been placed under sanctions in any other country and is not affected by any other sanctions applied to Mr. Vekselberg.
medmix has 283 employees in its Polish entity, all of whom are affected by the Polish sanctions, along with over 240 local suppliers and several major American and European industrial customers. medmix deeply regrets that it is forced to suspend manufacturing at its Polish entity, through which it generates CHF 1.6m of weekly sales.
medmix and the Swiss government administration will continue to push jointly to achieve an immediate removal from the Polish sanctions list, while the company works to redeploy production to other manufacturing sites. medmix will explore every possible avenue to support its customers and employees, while fully complying with the Polish sanctions.
medmix is a global leader in high-precision delivery devices. We occupy leading positions in the healthcare, consumer and industrial end-markets. Our customers benefit from a dedication to innovation and technological advancement that has resulted in over 900 active patents. Our 13 production sites worldwide together with our highly motivated and experienced team of 1’900 employees provide our customers with uncompromising quality, proximity and agility. medmix is currently headquartered in Baar, Switzerland. Our shares are traded on the SIX Swiss Exchange (SIX: MEDX). www.medmix.swiss
Media Relations: Domenico Truncellito, Head External Communications
Investor Relations: Christoph Ladner, Head of Investor Relations
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.