Ponsse discontinues operations in Russia and Belarus
In March 2022 Ponsse Plc (Ponsse) temporarily discontinued all export operations to Russia and Belarus for both PONSSE forest machines and their spare parts. The Ponsse Group's Russian subsidiary OOO Ponsse also temporarily discontinued their local spare parts and service operations. Sales in Russia and Belarus accounted for nearly 20.0% of the company's 2021 net sales. Moreover, Ponsse withdrew its profit guidance for the current year. The new profit guidance is linked to the uncertainties caused by Russia's invasion of Ukraine and EU sanctions.
Competition|StructuralIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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