TRUMPF TAKES MEASURES FOR BREXIT
High Speed for the Third Dimension
As the date of the UK’s withdrawal from the EU approaches (expected date 29 March), laser giant Trumpf has sent a letter to its customers updating them on the critical topics that may affect the company. During December, Trumpf carried
out stress testing on the various scenarios that could occur, and identified key factors that have a high risk to its ongoing business concerns during and after the transition period.
measures with logistics providers to ensure minimal import disruption
Trumpf has agreed In the letter, UK managing
director Lee Moakes defines the firm’s risk areas, which include exchange rate volatility, import duty, and import delay. On exchange rate volatility, he
said: ‘Trumpf’s standard policy is to have forward exchange contracts. We have increased our hedging for 2019 to increase protection from extreme and adverse movements throughout the year.’ On import duty, he added: ‘To
alleviate the concerns, Trumpf will ensure that no additional costs are incurred by the customer, should
any tariffs or duties be applied. This being applicable to all purchase orders placed before 30 March, whether capital equipment or spare parts. During March we should have more clarity on the withdrawal date and tariff status, and shall update our customer base accordingly.’ And on import delay: ‘Trumpf has
reviewed all spares and consumables delivered directly to our customer base from the EU in the last two years. As a result, we have increased our local inventory by £2 million, we shall maintain focus on the inventory level throughout and amend dynamically during 2019. Trumpf has agreed measures with our logistics providers to ensure minimal import disruption and are appointing a customs broker shortly.’ Earlier this month, the UK
Department of International Trade issued a new Open General Export Licence for the export of dual-use items to the EU in the event of a no-deal Brexit. Currently dual-use items don’t need an export licence to the EU, but in event of a no-deal Brexit they will. This licence should enable
continued export, but will require full registration in advance. Exporters should check the DiT OGEL and goods checkers to determine if a licence is required.
www.lasersystemseurope.com | @lasersystemsmag
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