Starrag : stops all Russian business relations

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Press release Starrag 03-2022

Starrag Group stops all Russian business relations

Rorschacherberg, 10 March 2022 The message at the 2022 balance sheet press conference was loud and clear: The Starrag Group is committed to international measures and sanctions against Russia. Following the Russian troops' invasion of Ukraine, all business activities in, with and for Russia were stopped. The decision was not easy for the Swiss company, which sold machines in 1957 for the first time to the former Soviet Union.

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For 65 years, tradition and continuity have shaped the special relationship between the Starrag Group and the countries of the former USSR, which have had a representation based in Moscow, Starrag Ru Ltd, for the last 34 years. The company is now conducting individual discussions with the approximately dozen employees of the lean sales and service organi­ sation.

This exit from all business relations means that Starrag will not carry out any sales and marketing activities, will stop spare part deliveries and will suspend service visits. Although the management committee is constantly monitoring further developments, it currently sees "hardly any basis for to resume business with Russia".

Economically, this decision has no dramatic effect on the further development of the business, although

the planned order intake of around 10 million Swiss francs (CHF) no longer applies. The assessment made by management is optimistic as well: "We understand that we will even be able to overcompensate for the losses in Russian business with business in Europe and North America. This assumption is supported by

the increased localisation efforts of customers in our target markets."

Starrag | Press release 03-2022 | 02

Company profile Starrag High-precision machine tools for greater productivity

Starrag Group is a global technology leader in manufacturing high-precision machine tools for milling, turning, boring and grinding workpieces of metallic, composite and ceramic materials. Principle customers are internationally active companies in the Aerospace, Energy, Transportation and Industrial sectors (Industrial Components, Luxury Goods, Med Tech). In addition to its portfolio of machine tools, Starrag Group provides integrated technology and maintenance services that significantly enhance customer quality and productivity.

The umbrella brand Starrag unites

the product ranges Berthiez, Bumotec, Dörries, Droop+Rein, Ecospeed, Heckert, Scharmann, SIP, Starrag, TTL and WMW. Headquartered in Rorschach/Switzerland, the Starrag Group operates manufacturing plants in Switzerland, Germany, France,

the UK and India and has established a network of sales and services subsidiaries in the most important customer countries.

The shares of Starrag Group Holding AG are listed on the SIX Swiss Exchange.

For more information:

Starrag

Michael Schedler Head of Marketing T [phone] [e-mail] www.starrag.com