Economy

xchrom

(108,903 posts)

20. German Economy Backbone Bending From Lost Russia Sales

Mon Aug 11, 2014, 07:51 AM

Aug 2014

http://www.bloomberg.com/news/2014-08-10/german-economy-backbone-bending-from-lost-russia-sales.html

MWL Apparate Bau GmbH, based in the eastern German town of Grimma, has relied on strong ties with Russia to bolster business. Today, those links don’t mean much.

The maker of equipment such as pressure vessels and hot water tanks for the chemical and petrochemical industries has seen a “significant” decline in orders in the last six months due to the crisis, sales chief Reinhard Weber said. The company has annual revenue of about 20 million euros ($27 million).

“There are two contracts from Russia we didn’t get and we think that’s for political reasons,” Weber said in a telephone interview. “They’re afraid of sanctions being extended -- that they will make an order and that we won’t be able to fulfill it because of political decisions in Germany or Europe.”

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