Brief: Paragon Winds Down Production

paragon GmbH & Co KgaA

19/03/2020 16:00

March 19 (Reuters) - PARAGON GMBH & CO KGAA  PGNG.DE :
    * REACTS TO PRODUCTION STOPPAGES BY AUTOMOTIVE MANUFACTURERS
AND
TEMPORARILY WINDS ITS OWN PRODUCTION DOWN
    * EXPECTS TO SEE COMPENSATORY EFFECTS LATER ON IN YEAR ONCE
PRODUCTION IS RESUMED
    * EFFECTS ON FURTHER BUSINESS DEVELOPMENT CURRENTLY NOT
FORESEEABLE - DEPENDING ON DURATION OF PRODUCTION STOP
    * HAS SUBMITTED AN APPLICATION FOR A SHORTER WORKING HOURS
MODEL
    * MANAGED TO MAINTAIN ITS SUPPLY CHAINS DESPITE CORONAVIRUS
CRISIS
AND ALSO TO KEEP ITS BUSINESS OPERATIONS RUNNING
    * MARKET IN CHINA IS NOW GRADUALLY BOUNCING BACK
    * EXPECTS TO BE ABLE TO RESUME PRODUCTION IN MID-APRIL
    * IMPOSSIBLE TO PREDICT HOW GLOBAL SPREAD OF COVID-19 AND
RESULTING SITUATION ON AUTOMOTIVE MARKET WILL AFFECT ONGOING
BUSINESS

Source text for Eikon:  ID:nEQ7cNHpa 
Further company coverage:  PGNG.DE 

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