EnerSys to Suspend Operations in Russia

Rhea-AI Summary

EnerSys (NYSE: ENS), a global leader in stored energy solutions, has announced the indefinite suspension of its operations in Russia due to the ongoing conflict in Ukraine. The company expresses solidarity with the Ukrainian people and prioritizes the safety of its employees in both countries. EnerSys employs 8 individuals in Ukraine and 43 in Russia and anticipates that this suspension will not materially impact its financial performance.

Positive

• EnerSys expresses strong ethical stance by suspending operations in Russia in response to the conflict.

Negative

• Operational suspension in Russia could lead to reputational risks.
• Presence of employees in Ukraine and Russia may pose safety concerns.

READING, Pa., March 03, 2022 (GLOBE NEWSWIRE) -- EnerSys (NYSE: ENS), the global leader in stored energy solutions for industrial applications, announced today that it has begun the process of indefinitely suspending its operations in Russia following Russia’s illegal military action against a sovereign Ukraine.

David M. Shaffer, President and Chief Executive Officer of EnerSys, stated, “We are deeply saddened by the violence in Ukraine and stand firmly with the Ukrainian people. As the situation continues to unfold, our top priority is the safety of our employees in Ukraine and in Russia. We are suspending our operations in Russia and will comply fully with all sanctions.”

The Company has 8 employees in Ukraine and 43 in Russia. It does not expect the suspension to have a material impact on financial results.

About EnerSys:

EnerSys is the global leader in stored energy solutions for industrial applications, manufactures and distributes energy systems solutions and motive power batteries, specialty batteries, battery chargers, power equipment, battery accessories and outdoor equipment enclosure solutions to customers worldwide. Energy Systems, which combine enclosures, power conversion, power distribution and energy storage, are used in the telecommunication, broadband and utility industries, uninterruptible power supplies, and numerous applications requiring stored energy solutions. Motive power batteries and chargers are utilized in electric forklift trucks and other industrial electric powered vehicles. Specialty batteries are used in aerospace and defense applications, large over-the-road trucks, premium automotive, medical and security systems applications. EnerSys also provides aftermarket and customer support services to its customers in over 100 countries through its sales and manufacturing locations around the world. With the NorthStar acquisition, EnerSys has solidified its position as the market leader for premium Thin Plate Pure Lead batteries which are sold across all three lines of business.

More information regarding EnerSys can be found at www.enersys.com.

Sustainability

Sustainability at EnerSys is about more than just the benefits and impacts of our products. Our commitment to sustainability encompasses many important environmental, social and governance issues. Sustainability is a fundamental part of how we manage our own operations. Minimizing our environmental footprint is a priority. Sustainability is our commitment to our employees, our customers and the communities we serve. Our products facilitate positive environmental, social and economic impacts around the world. To learn more visit: https://www.enersys.com/en/about-us/sustainability/.

Caution Concerning Forward-Looking Statements

EnerSys is making this statement in order to satisfy the “Safe Harbor” provision contained in the Private Securities Litigation Reform Act of 1995. Any of the statements contained in this press release that are not statements of historical fact may include forward-looking statements that involve a number of risks and uncertainties. A forward-looking statement predicts, projects, or uses future events as expectations or possibilities. Forward-looking statements may be based on expectations concerning future events and are subject to risks and uncertainties relating to operations and the economic environment, all of which are difficult to predict and many of which are beyond our control. For a discussion of such risks and uncertainties that could cause actual results to differ materially from those matters expressed in or implied by forward-looking statements, please see our risk factors as disclosed in the “Risk Factors” section of our annual report on Form 10-K for the most recently ended fiscal year. The statements in this press release are made as of the date of this press release, even if subsequently made available by EnerSys on its website or otherwise. EnerSys does not undertake any obligation to update or revise these statements to reflect events or circumstances occurring after the date of this press release.

CONTACTS

Melissa Maycott
Public Relations Manager
Harris, Baio & McCullough
215-440-9800
E-mail: melissa@hbmadv.com

Lisa Hartman
Investor Relations and Financial Media
EnerSys
610-236-4040
E-mail: investorrelations@enersys.com

FAQ

Why did EnerSys suspend its operations in Russia?

EnerSys suspended operations in Russia due to the illegal military actions against Ukraine, expressing solidarity with the Ukrainian people.

How many employees does EnerSys have in Russia and Ukraine?

EnerSys has 43 employees in Russia and 8 employees in Ukraine.

Will the suspension of operations in Russia affect EnerSys's financial results?

EnerSys does not expect the suspension of operations in Russia to have a material impact on its financial results.

What is the stock symbol for EnerSys?

The stock symbol for EnerSys is ENS.