Generac Suspends Sales to Russia

Rhea-AI Summary

Generac Holdings Inc. (NYSE: GNRC) has announced the immediate suspension of its operations and sales in Russia due to the ongoing conflict in Ukraine. This decision aligns with the company's stance against the Russian regime's military actions and expresses solidarity with Ukraine. Sales in Russia account for less than 1% of Generac's total revenue, and the financial impact is not expected to be material. Generac does not have any employees in Ukraine.

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• Generac's sales in Russia represent less than 1% of total revenue, minimizing financial impact.

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• None.

WAUKESHA, Wis., March 8, 2022 /PRNewswire/ -- Generac Holdings Inc. (NYSE: GNRC) ("Generac"), a leading global designer, manufacturer and provider of energy technology solutions and other power products, today announced that, effective immediately, the Company is temporarily suspending its branch operations and sales in Russia.

"Generac joins the global community in denouncing the Russian regime's attacks on Ukraine," said Aaron Jagdfeld, president and chief executive officer of Generac. "Our hearts go out to the Ukrainian people, and we stand in solidarity with others around the world in calling for peace."

Sales in Russia comprise less than 1% of Generac's total revenue, and the impact on the Company's financial results is not expected to be material.

Generac does not have any employees stationed in Ukraine.

About Generac
Generac Power Systems, Inc. (NYSE: GNRC) is a leading energy technology company that provides advanced power grid software solutions, backup and prime power systems for home and industrial applications, solar + battery storage solutions, virtual power plant platforms and engine- and battery-powered tools and equipment. Founded in 1959, Generac introduced the first affordable backup generator and later created the category of automatic home standby generator - a market in which nearly eight of ten generators sold is a Generac. The company is committed to sustainable, cleaner energy products poised to revolutionize the 21st century electrical grid.

Contact:   Tami Kou
262-544-4811 Ext. 3950
Tami.Kou@Generac.com

 

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SOURCE Generac Power Systems, Inc.

FAQ

Why did Generac suspend operations in Russia?

Generac suspended operations in Russia in solidarity with Ukraine and denouncing the Russian regime's military actions.

What percentage of Generac's revenue comes from Russia?

Sales in Russia comprise less than 1% of Generac's total revenue.

What is the financial impact of Generac's suspension of sales in Russia?

The financial impact of suspending sales in Russia is not expected to be material.

Does Generac have any employees in Ukraine?

No, Generac does not have any employees stationed in Ukraine.

What is the stock symbol for Generac?

Generac's stock symbol is GNRC.