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Engineering firms lose business amidst Ukraine conflict

Engineering firms Wartsila and Alfa Laval have both missed large business opportunities by avoiding new business contracts in Russia.
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Engineering firms Wartsila and Alfa Laval have both missed large business opportunities by avoiding new business contracts in Russia since the conflict with Ukraine started. Alfa Laval had to fore go orders worth $61 million, majority of which were for its marine division. It has also booked provisions amounting to SEK327 million to cover cost relating to existing contractual obligations concerning Russia.

Meanwhile, Wartsila has made provisions of about $211 million in its Q1 financial reporting relating to its withdrawal from Russia. This includes €75 million of impairment of voyage related goodwill and intangible assets, about €50 million of impairment related to assets in Russia and €75 million in write-offs related to trade-sanctioned projects and receivables. After Russia invaded Ukraine, Wartsila immediately suspended all deliveries, sales, orders and bidding to Russia.

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