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IPG Photonics (IPGP) has issued an update.
The Company sold its Russian subsidiary, IRE-Polus, to a buyer linked to Softline Projects LLC for $51 million, facing an estimated charge of up to $210 million due to the sale, including asset value losses and translation adjustments. This move comes after sanctions from the Russia-Ukraine conflict hindered the Company’s Russian operations, prompting an expansion of manufacturing in Germany, the US, Italy, and new facilities in Poland. The sale is expected to slightly lower third quarter revenue by about $5 million, with IRE-Polus contributing to less than 5% of the Company’s annual revenue. Further details will be disclosed with the third quarter earnings report.
For an in-depth examination of IPGP stock, go to TipRanks’ Stock Analysis page.