Twin Disc Announces Temporary Halt of Sales and Shipment to Russia
08 March 2022 - 8:15AM
Twin Disc, Inc. (NASDAQ: TWIN) a global leader in power
transmission technology for marine, land-based and oil & gas
applications, announced today it will cease business activity in
Russia and Belarus until further notice due to the ongoing invasion
in Ukraine, effective immediately.
In light of the challenging operating environment,
supply chain issues and evolving sanctions, Twin Disc has paused
all sales and shipments to Russia and Belarus. The Twin Disc
presence in these countries is limited, in both marine and
land-based markets. The impact on Twin Disc’s financial results is
not expected to be material.
While the company does not have employees based in
Eastern Europe, for the safety of their business partners,
distributors and customers, Twin Disc will conduct business in
Ukraine only in emergency situations.
“What is happening in Ukraine right now is tragic,
and the bravery and resilience of the Ukrainian people are an
inspiration to the world. We remain focused on the well-being of
our employees and associates impacted by these hostilities,” said
John H. Batten, Chief Executive Officer.
The situation is being continuously monitored and
evaluated. Twin Disc remains in communication with all relevant
stakeholders and will continue to provide updates when
appropriate.
About Twin Disc, Inc. Twin Disc,
Inc. designs, manufactures and sells marine and heavy-duty
off-highway power transmission equipment. Products offered include
marine transmissions, azimuth drives, surface drives, propellers,
and boat management systems, as well as power-shift transmissions,
hydraulic torque converters, power take-offs, industrial clutches,
and control systems. The Company sells its products to customers
primarily in the pleasure craft, commercial and military marine
markets, as well as in the energy and natural resources,
government, and industrial markets. The Company’s worldwide sales
to both domestic and foreign customers are transacted through a
direct sales force and a distributor network. For more information,
please visit www.twindisc.com.
Contact: Jeffrey S. Knutson (262) 638-4242
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