---
schema_version: "secwatch.filing_event.v1"
accession: "0001111928-24-000130"
form_type: "8-K"
ticker: "IPGP"
cik: "0001111928"
company_name: "IPG PHOTONICS CORP"
filed_at: "2024-08-29T23:59:59+00:00"
generated_at: "2026-05-31T06:56:39.031737+00:00"
event_type: "other"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# IPG Photonics sells Russian subsidiary IRE-Polus for $51M; expects $195-210M in charges

## Summary
- Sale proceeds $51M before fees; charges $195-210M including $60-65M net asset write-down and $135-145M translation loss.
- Sale reduces Q3 revenue by ~$5M; IRE-Polus <5% of full-year revenue.
- Revised AIP caps executive payouts at 62.5% of original target; metric is H2 net sales.
- CEO Mark Gitin receives guaranteed 2024 bonus not impacted by revised AIP.
- Company completed exit from Russia; manufacturing shifted to Germany, US, Italy, and Poland.

## SEC filing metadata
- accession: 0001111928-24-000130
- form_type: 8-K
- ticker: IPGP
- cik: 0001111928
- company_name: IPG PHOTONICS CORP
- filed_at: 2024-08-29T23:59:59+00:00
- event_type: other
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 5.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1111928/000111192824000130/0001111928-24-000130-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1111928/000111192824000130/ipgp-20240827.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001111928-24-000130
- JSON: https://secwatch.observer/filing/0001111928-24-000130.json
- Plain text: https://secwatch.observer/filing/0001111928-24-000130.txt

## Key facts
- Executive change
  Eugene Scherbakov departed as other_named_officer at IPG PHOTONICS CORP.
  - Action: no longer being executive officer
  source text: Dr. Eugene Scherbakov and Dr. Alexander Ovtchinnikov, previously disclosed as named executive officers of the Company, will not participate in the Revised AIP as a result of no longer being executive officers of the Company.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1111928/000111192824000130/0001111928-24-000130-index.htm
- Executive change
  Alexander Ovtchinnikov departed as other_named_officer at IPG PHOTONICS CORP.
  - Action: no longer being executive officer
  source text: Dr. Eugene Scherbakov and Dr. Alexander Ovtchinnikov, previously disclosed as named executive officers of the Company, will not participate in the Revised AIP as a result of no longer being executive officers of the Company.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1111928/000111192824000130/0001111928-24-000130-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.