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

2015-02-20 / 11:56


Oberkirch, February 20, 2015 - In the past several weeks, PWO has been
working intensely on the implementation of the personnel adjustments and
operating process efficiency improvements at its Oberkirch location that
were announced in December 2014. With the targeted reduction in staff of
approx. 100 employees since this announcement, the measures are now
complete. The employees will leave the Company gradually in the coming
months according to the expiry of their notice periods, with the majority
of employees leaving in the second half of this year.

Dr. Volker Simon, Speaker of the Management Board of Progress-Werk
Oberkirch AG emphasized, "We are currently implementing several changes in
Oberkirch that put a high degree of added pressure on our employees.
However, these changes are imperative to strengthening this location for
the longer term. We will improve the location's competitiveness and
continue to expand its market position."

Bernd Bartmann, Management Board member responsible for Finance and Human
Resources added, "We were only able to carry out these measures so quickly
because of the widespread support of the entire workforce. This allowed us
to take social aspects into consideration and still achieve our cost
reduction targets."

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 company has developed a unique knowledge in the
forming and joining of metals over the course of its 95-year history since
it was founded in 1919. The German location at Oberkirch today employs
around 1,600 staff members. The Group is globally represented with further
sites in China, Canada, Mexico, and the Czech Republic. It employs around
3,200 staff members worldwide.

PW0 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".


2015-02-20 Dissemination of a Corporate News, transmitted by DGAP - a
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Language:    English                                                     
Company:     Progress-Werk Oberkirch AG                                  
             Industriestraße 8                                           
             77704 Oberkirch                                             
Phone:       +49 (0)7802 84-0                                            
Fax:         +49 (0)7802 84-273                                          
ISIN:        DE0006968001                                                
WKN:         696800                                                      
Listed:      Regulated Market in Frankfurt (Prime Standard), Stuttgart;  
             Regulated Unofficial Market in Berlin, Dusseldorf,          
             Hamburg, Munich                                             
End of News    DGAP News-Service  
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