Current Brexit Statement

Toby

Spring 2020

Current Company update for Brexit

  • Large amounts of stock has been purchased to cover possible fluctuations in the value of UK sterling against the Euro and USD
  • We have increased our stock of Samtec products by over 20% - no Samtec products are manufactured in the EU anyway.
  • We already trade in USD ($) and Euro(€) currencies – and have USD ($) and Euro(€) currency funds available.
  • Less than 2% of our products are imported from the EU and we foresee no import issues with these suppliers.
  • All others (98%) are imported from outside the EU and are already subject to applicable customs charges and import duties – these will change very little if at all under WTO rules.
  • We have over 35 years experience of importing electronic components from around the world and have every confidence our business can withstand any Brexit shocks that may come our way

Possible issues after leaving the transition period by 31st of December 2020

  • We as a business will do our best to navigate through any issues caused by a WTO deal after the 31st of December 2020 (Transition leave date) but as stated above 98% of our products and not sourced in the European Union
  • Some events may be beyond our control but we will try to mitigate any impact on customer orders
  • We can only comment on any agreement after its inception after 31st of December 2020
  • We can trade in EURO(€) or USD($) if this is a customer requirement and already do this for many customers
  • We will be constantly monitoring this unfolding situation and make appropriate business decisions as needed

Toby