Bufab AB (publ) (“Bufab”) Board of Directors has decided to discontinue its small operations in Russia due to the ongoing invasion of Ukraine.
Bufab has a small inventory- and sales office in Russia with a total of approximately 15 employees. Bufab has no operations in Ukraine. The decommissioning process of the Russian entity has begun with due considerations towards employees, customers, and business partners.
Bufab's decision to discontinue the operations in Russia will not have a material impact on the company's revenues and earnings as total sales in Russia amounted to just above 30 MSEK in 2021, which corresponds to approximately 0.5 percent of Bufab's total annual sales. The discontinue may entail some non-material write-downs.
For further information, please contact:
Johan Lindqvist, CEO, telephone: +46 370 69 69 17
Marcus Söderberg, CFO, telephone: +46 370 69 69 66
This information was submitted for publication at 14:45 CET on 7 April 2022.
About Bufab
Bufab AB (publ), Corporate Registration Number 556685-6240, is a trading company that offers its customers a full-service solution as Supply Chain Partner for sourcing, quality control and logistics for C-Parts (screws, nuts, etc.). Bufab’s Global Parts ProductivityTM customer offering aims to improve productivity in the customers’ value chain for C-Parts.
Bufab was founded in 1977 in Småland, Sweden and today is an international company with operations in 28 countries. The head office is located in Värnamo, Sweden, and Bufab has about 1,500 employees. Bufab’s net sales for the past 12 months amounted to SEK 5.9 billion and the operating margin was 11.8 percent. The Bufab share is listed on Nasdaq Stockholm, under the ticker “BUFAB”. Please visit www.bufab.com for more information.
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