The Zeppelin Group expects significant losses in the current fiscal year due to the war in Ukraine. The group, based in Friedrichshafen, sells construction and agricultural machinery, including the US brand Caterpillar. He is also active in plant construction and offers drive systems for the oil and gas industry, for example. Almost 20 percent of the group’s sales have so far been generated in Russia, Belarus and Ukraine, said the CEO, Peter Gerstmann, at a press conference on Friday. It is already foreseeable that orders cannot be processed because of the war and the sanctions. Therefore, a sharp decline in sales and earnings is to be expected, even if one looks ahead with more confidence in other business areas. The company offered around 600 employees in Ukraine help with evacuation and accommodation. Zeppelin has not completely discontinued business in Russia, especially with a view to ongoing obligations and the approximately 1,400 employees in the country to date. “Neither our customers nor our employees are fighting a war against Ukraine.” However, Zeppelin adheres to the applicable sanctions, so the activities have been significantly reduced. “I see no future for us in the Russian market,” said Gerstmann.
Ukraine War – Losses at Zeppelin Group – Economy
