Progress-Werk Oberkirch AG: Conclusion of a new supplemental wage agreement for the Oberkirch location

DGAP-News: Progress-Werk Oberkirch AG / Key word(s): Contract

2016-08-10 / 08:00
The issuer is solely responsible for the content of this announcement.

- Agreement strengthens location's competitiveness
- Secures jobs until the end of 2020

Oberkirch, August 10, 2016 - Progress-Werk Oberkirch AG together with the employee representatives in Oberkirch and IG Metall has concluded a new supplemental wage agreement for its German location. The contract will begin on January 1, 2017, just as the previous agreement comes to an end.

The supplemental wage agreement is part of our ongoing efforts to secure the competitiveness of the Group's home location to counteract the permanent pressure for transferring new orders to foreign locations.

Dr. Volker Simon, Speaker of the Management Board, in his comments recognizing the supplemental wage agreements said: "With this agreement, our employees have made a tremendous contribution to the continued success of their location. The Management Board is fully aware of the related responsibility for the steering of the Group. We would like to thank all those involved for making this agreement possible."

Bernd Bartmann, Management Board Member responsible for the administration & finance area is also pleased with this agreement: "We have made an important step in securing the future capacity utilization at Oberkirch. This allowed us to give job guarantees for the next four years, and we feel especially committed to providing further vocational training."

Progress-Werk Oberkirch AG
The Management Board

PWO company profile
PWO is one of the world's leading developers and manufacturers of advanced metal components and systems in lightweight construction for automobile safety and comfort. The Group has developed a unique knowledge in the forming and joining of metals over the course of its roughly 97-year history since it was founded in 1919. The German location at Oberkirch today employs around 1,500 staff members. PWO is globally represented with further sites in the Czech Republic, Canada, Mexico, and China. The Group employs a total of 3,100 staff members.

PWO is a partner to the global automotive industry for the development and production of innovative products in the divisions of "Mechanical components for electrical and electronic applications", "Safety components for airbags, seats and steering" and "Components and subsystems for vehicle bodies and chassis".

2016-08-10 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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