© Mynaric Electronics Production | August 03, 2020
Mynaric to cease business activities in China
The German manufacturer of laser communication technologies has decided to fully cease its business operations in China.
Mynaric says it has not delivered any terminals or components to Chinese customers to date. Nevertheless, being aware of the strategic importance of laser communication products Mynaric had proactively requested, in advance, that the German government assesses the clearance of a planned export of laser communication products to a Chinese customer. Meanwhile, the company has been informed by the German government that the planned export to the Chinese customer would indeed be officially banned. Following this notification, Mynaric will reverse the only existing contract with a Chinese customer and affect a complete break in activity in China immediately. The says it company will assess potential claims for compensation due to the export ban by the German government. The company was already working on a buy-out to divest from the Chinese business prior to the clear ban of the German government. Related negotiations were stopped due to the decision by the German government.