IPG Photonics Announces Sale of its Russian Operations
IPG Photonics Corporation (IPGP)
Last ipg photonics corporation earnings: 2/13 08:00 am
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Source: GlobeNewswire
MARLBOROUGH, Mass., Aug. 29, 2024 (GLOBE NEWSWIRE) -- IPG Photonics Corporation (NASDAQ: IPGP) today announced that it has sold its entire interest in its Russian subsidiary, IRE-Polus. The purchaser is a group led by Softline Projects LLC and current management of IRE-Polus. The sale marks the finalization of IPG’s exit from all facilities in Russia, following imposed sanctions on trade after the start of the war with Ukraine. The proceeds from the transaction are $51 million before advisory and other fees. “Our team executed flawlessly to transition our manufacturing operations after the war’s outbreak without any impact to our customers. Our ability to respond to adverse events out of our control highlights the resilience of the company as we were able to lean on our global manufacturing capabilities to increase production in Germany, the United States and Italy and start production in Poland,” said Dr. Mark Gitin, IPG Photonics’ Chief Executive Officer. “Today, with the sale
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IPGP
Earnings
- 10/29/24 - Beat
IPGP
Sec Filings
- 10/29/24 - Form 10-Q
- 10/29/24 - Form 144
- 10/29/24 - Form 8-K
- IPGP's page on the SEC website