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Press release detail page | TRUMPF

Update! TRUMPF Ltd. measures for UK's withdrawal from the EU

In January 2019 we announced our Brexit strategy following our impact assessment performed during December 2018 in preparation of the expected departure date from the EU on the 29th March 2019.

Dear Customer

In January 2019 we announced our Brexit strategy following our impact assessment performed during December 2018 in preparation of the expected departure date from the EU on the 29th March 2019.

As we know the departure did not occur on the 29th March 2019 however, the UK has left the EU and we are in the final stages of the transition period. During the subsequent period we have frequently reviewed our strategy and considered the need to issue a further announcement. We believe that there is no need to modify our position. We find ourselves in the same situation as January 2019, with no further detail towards how the UK import and export processes will function from the 1st January 2021.

The Corona Virus pandemic has and continues to be the greatest challenge for all businesses in 2020. Two of our mitigation strategies for Brexit were tested by this ‘black swan’ event. The active exchange rate volatility and importation delay strategies were successful in mitigating the negative outcomes introduced by the restriction of movement around the globe.

Therefore, the purpose of our communication is to update our customers on the existing strategies and the modifications applied from the experience we have gained in the last twenty-two months.

Mitigation Strategies update

Exchange rate volatility

TRUMPF continues to utilise forward exchange contracts and we have extended the volume of forward positions beyond the next calendar years into 2023 to limit the impact upon local pricing.

Importation duty

TRUMPF is able to confirm that no additional importation costs will be applied retrospectively on any orders placed before the 31st December 2020 which will be delivered into the UK during 2021.

Importation delay

We anticipate some delay in the clearing of capital equipment at the start of the 2021, TRUMPF shall remain flexible in our commitment to deliver and install our equipment upon the arrival of goods to site.

Whilst, we do not anticipate spares and consumables delivered by airfreight to be impacted. We continue to operate with over two million pounds local stock. During the transition period we have reviewed and modified as our experience has grown.

TRUMPF have agreed measures with our logistics providers to ensure minimal importation disruption.

In the meantime, our customers should take comfort and reassurance from the fact that TRUMPF have proactively assessed, taken action and tested our strategies to minimise risks.

 

Yours sincerely
TRUMPF Ltd

Lee Moakes
Managing Director

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