Oerlikon Corporation AG announced that it is not subject to U.S. sanctions resulting from the U.S. government’s recent designation of Viktor F. Vekselberg and the Renova Group.
oerlikon.com
The U.S. Treasury’s Office of Foreign Assets Control (OFAC) designated Vekselberg and Renova as “special-designated nationals,” effective April 6, 2018.
Oerlikon clarified that while Vekselberg indirectly holds a 43.04 % stake in the company, this ownership is below the 50 % threshold required for Oerlikon to be considered a controlled or blocked entity under U.S. sanctions rules.
As a result, Oerlikon stated that both U.S. persons and entities—as well as other global parties—are not restricted in dealing with Oerlikon or investing in its operations.
About Oerlikon
Oerlikon is a global technology and engineering group active in sectors such as Surface Solutions, Manmade Fibers, and Drive Systems, with a presence across 37 countries and a workforce of approximately 15,000.
In 2017, the company reported CHF 2.8 billion in sales and invested CHF 107 million in research and development.
Forward-Looking Caution
Oerlikon added that its statements in the press release include forward-looking projections and expectations, which are subject to risks, uncertainties, and changes in circumstances that could lead to actual results differing materially from current expectations.
