Progress-Werk Oberkirch AG: PWO is geared up for e-mobility

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

26.06.2017 / 13:01
The issuer is solely responsible for the content of this announcement.

- Comfort and safety remain keys to success
- Lightweight construction is still the megatrend - also for electric vehicles
- Type of drive system is of little importance for PWO

Oberkirch, June 26, 2017 - Public debate about the topic of e-mobility is gathering steam with the number of analyses published on this topic continuing to grow. In light of this, we would like to take an opportunity, once again, to clearly outline PWO's market position in this area.

With its focus on automotive comfort and safety, PWO has traditionally been in an excellent position to meet the ever-growing demands of buyers. This trend in demand will continue and may grow even stronger. PWO also has an excellent position in the field of lightweight construction. Early on, we built a strong reputation for solutions that give equal consideration to functionality, weight reduction and efficiency - requirements that are indispensable when it comes to large-scale productions today.

"This is what we call cost-efficient lightweight construction," said Dr. Volker Simon, Speaker of the Management Board. "For example, next year we will start the series production of a lightweight steel solution that will replace the polymer-hybrid cross-member made of aluminum and plastic that the customer has been using until now. This is an impressive example that shows how competitive our innovative steel solutions are in the fiercely competitive market for lightweight concepts, even in the face of so-called alternative materials. It also shows how we promote environmentally friendly driving and contribute to increasing the distances that can be driven by electric vehicles."

Overall, our more than 1,000 products provide a variety of solutions in a majority of today's vehicle models. Components related to drive technologies, however, play only a minor role.

Bernd Bartmann, Chief Financial Officer of PWO AG, explained: "If the delivery of vehicles with combustion engines were to cease from one day to the next, only seven percent of our revenues would be affected. This is equivalent to the current share of revenue generated by components, such as the transmission components used for combustion drive systems. Components for combustion drive systems themselves are not part of PWO's product range. Comfort and safety, on the other hand, will continue to play a central role in a vehicle model's success - regardless of the type of drive system. This is an area where we are exceptionally well positioned."

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 China, Canada, Mexico, and Czechia. The Group employs a total of approximately 3,300 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."

26.06.2017 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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