PWO entered into supplementary collective labour agreement
for Oberkirch site

• The revised supplementary collective labour agreement is valid until the end of 2016 and replaces the previous version   

Oberkirch, 25 November 2009 - Progress-Werk Oberkirch AG has entered into a revised supplementary collective union agreement for the Oberkirch site. This agreement is valid until the end of 2016 and replaces the previous version.

The principal objective of the new agreement was to create the basis for maintaining the competitive position of the site in the next decade. Under the new agreement, it will be possible to realise production on wide-ranging orders totalling several hundred million Euros in Oberkirch at competitive costs.

Karl M. Schmidhuber, Chairman of the Management Board of Progress-Werk Oberkirch AG, hailed the new supplementary agreement: "The new agreement makes our long-term plans rather more secure. Our employees have agreed to make a substantial effort to support the site in the current financial and economic crisis and to create competitive structures for the coming years. The company will be investing a further 30 million Euros in this. Not only will this secure existing jobs, it also creates new ones and keeps important orders at the site on the long run. Thus, Oberkirch is and will remain PWO?s most important production site."

Progress-Werk Oberkirch AG

The Management Board