Brief: Progress-Werk Oberkirch Says About 200 Employees To Leave Oberkirch Site

PWO AG

29/12/2020 09:48

Dec 29 (Reuters) - PROGRESS WERK OBERKIRCH AG  PWOG.DE :
    * PWO ACCELERATES RESTRUCTURING OF OBERKIRCH SITE
    * FURTHER ADJUSTMENT IN STAFF NUMBER BY AROUND 120 TO 150
EMPLOYEES RESOLVED
    * AROUND 200 EMPLOYEES WILL LEAVE SITE; VAST MAJORITY BY END
OF
2020.
    * EXPECTED COSTS FOR THIS REDUCTION IN STAFF NUMBERS, WHICH
WILL
RESULT IN AN ADDITIONAL BURDEN ON EBIT IN 2020 FISCAL YEAR, WILL
PRESUMABLY BE IN UPPER SINGLE-DIGIT-MILLION EURO RANGE
    * ANTICIPATED SAVINGS OF EUR 9 MILLION IS EXPECTED TO FULLY
MATERIALIZE IN 2022 FISCAL YEAR FOR FIRST TIME
    * WE MUST THEREFORE ALSO CONSIDER RELOCATING PRODUCTION TO
EASTERN
EUROPE IN ORDER TO AVOID LOSING EXISTING SERIES PRODUCTIONS

Source text for Eikon:  ID:nEQbwWN5ra 
Further company coverage:  PWOG.DE 

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