medmix appeals negative decision from Polish Government on its petition for immediate removal from sanctions list
May 24, 2022
Ad hoc announcement pursuant to Art. 53 LR
medmix is relocating production to other countries following an initial negative decision on sanctions unilaterally introduced by Poland. It is medmix’ firm belief that the sanctions against its entity in Poland are erroneous. The company continues its appeal process, with the full support of the Swiss government administration. medmix is not affected by any other sanctions and is free to develop its business globally.
medmix’ urgent request for removal from the Polish sanctions list, based on an OFAC (Office of Foreign Assets Control) license granted in 2018 clearly confirming that there is no control by Mr. Vekselberg over any medmix entities, including medmix Poland, was denied on May 23, 2022, by the Polish Ministry of the Interior and Administration.
medmix has already suspended manufacturing at its Wroclaw, Poland site, through which it generated CHF 1.6 million in weekly sales. Should the facility not be allowed to reopen, the one-off revenue impact during relocation is anticipated to be in the CHF 30 – 40 million range, to be incurred in 2022. The company is working with its customers and its 283 Polish employees to minimize the impact.
Appeals to the Polish administration are continuing and medmix is pushing for a speedy outcome, with the full support of the Swiss government administration.
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.