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Rational to begin controlled exit from Russian market

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DGAP-News: RATIONAL AG / Key word(s): Strategic Company Decision
Rational to begin controlled exit from Russian market
03.06.2022 / 13:35
The issuer is solely responsible for the content of this announcement.

Rational to begin controlled exit from Russian market

On June 1, 2022, the Supervisory Board and the Executive Board of Rational AG voted unanimously to suspend business operations in Russia and to close its distribution company, based in Moscow, by the end of 2022. Rational has made this decision in response to the economic and political developments resulting from the Russian war in Ukraine. The company's withdrawal will be gradual and controlled so that it can continue to meet existing customer and employee obligations. Rational will also uphold its responsibilities toward affected employees in Ukraine, some of whom face existential threats as a result of the war.

At the beginning of March 2022, Rational acted of its own volition to suspend the delivery of cooking systems to Russia. In April 2022, a fifth round of government sanctions was passed that prohibited such deliveries going forward. Rational is, of course, complying fully with these trade bans and expects these sanctions to remain in place over the longer term.

Rational CEO Dr Peter Stadelmann announced that "Our withdrawal from the Russian market will happen gradually and in an orderly manner, so that we can meet our existing obligations to our local customers and partners as effectively as possible." Such obligations include, for example, supplying any required spare parts and cleaning agents, upholding warranty and service obligations, and terminating ongoing contractual relationships by mutual agreement. The necessary steps are currently being planned and should be completed by the end of 2022.

Rational’s release of the affected employees in Russia will be organized in a responsible manner. “Parting ways with our Russian colleagues is a difficult step,” stated Dr. Stadelmann. “They have been reliable, passionate and valuable team members for years.”

After the war began, Rational established a crisis management team for staff members in Ukraine and their families, and has been taking comprehensive measures to ensure their safety and provide for them in any way possible.

In terms of financial implications, Rational is confident that losing the Russian market will not have a significant impact on business results.


Contact:
Rational Aktiengesellschaft
Stefan Arnold / Head of Investor Relations
Tel. +49 (0)8191 327-2209
Fax +49 (0)8191 327-72 2209
E-mail: ir@rational-online.com
www.rational-online.com

About RATIONAL
The Rational Group is the global market and technology leader for thermal preparation of food in professional kitchens. Founded in 1973, the company employs around 2,300 people, over 1,300 of whom are in Germany. Rational was floated in the Prime Standard of the German stock market in 2000 and is currently represented in the MDAX.

The primary objective of the company is to always offer its customers maximum benefits. Internally, RATIONAL is committed to the principle of sustainability, expressed in its policies on environmental protection, leadership and social responsibility. Year after year, numerous international awards testify to the exceptional quality of RATIONAL's work.


03.06.2022 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

Language:

English

Company:

RATIONAL AG

Siegfried-Meister-Straße 1

86899 Landsberg am Lech

Germany

Phone:

0049 8191 327 2209

Fax:

0049 8191 327 722209

E-mail:

ir@rational-online.com

Internet:

www.rational-online.com

ISIN:

DE0007010803

WKN:

701080

Indices:

MDAX

Listed:

Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange

EQS News ID:

1367615


 

End of News

DGAP News Service

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