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PWO puts Oberkirch site on short time

Corporate news announcement processed and transmitted by Hugin AS.
The issuer is solely responsible for the content of this
announcement.
----------------------------------------------------------------------
--------------




Low level of standby orders continues at the start of 2009
Management Board opts for short time


Oberkirch, February 2, 2009 - Significantly reduced production
figures in the automotive industry are impacting Progress-Werk
Oberkirch AG and leading to continued low levels of standby orders
from existing batch production orders. In the past months, the
company has used a number of tools to adjust capacity, such as
sending employees on forced leave or asking them to use credited
holiday entitlement from flexitime to take time off. Now the Board of
Management has reached an agreement with employee representatives to
put the Oberkirch site on short time. Staff was informed of this move
today.

The reduced working hours will be individually adapted to suit every
position and respective employment situation. The objective is to put
the company in a position to be very flexible and to react quickly,
allowing it to adjust costs to fit capacity levels.

Chairman of the Management Board Karl M. Schmidhuber underlined
today: "We are currently seeing a still extreme decline in standby
orders in the automotive industry. We have to react to this further.
The measures we are taking remain focused on safeguarding the jobs of
our employees. However, due to a range of new projects we continue to
be optimistic for the future and we will do whatever it takes to
emerge strengthened from the current crisis."

Progress-Werk Oberkirch AG
The Management Board


PWO Group profile: a global future in the automobile supplies
industry
PWO is one of the world's leading suppliers of high-precision metal
components for the automobile
industry, specialising in vehicle safety and comfort. Its unmatched
expertise in the fields of metal-forming and joining technology has
been acquired over nearly ninety years since the company's
foundation in 1919. Today, PWO's German production site in Oberkirch
employs around 1,100
staff. With other sites in the Czech Republic, China, Mexico and
Canada, the Group has now
achieved a global presence with a total workforce of around 1,900.

PWO acts as a partner to the automobile industry in the development
and production of innovative
products. The Group manufactures millions of components on a
just-in-time and zero-defect basis.
In close collaboration with customers, PWO is expanding its
international production sites in order
to supply local markets. PWO has already achieved significant success
on its way of global expan-sion. The company has orders on hand which
will lead to strong growth of revenue and EBIT once the industry will
return to normalised sales figures.



--- End of Message ---

Progress-Werk Oberkirch AG
Industriestrasse 8 Oberkirch
Germany

WKN: 696800; ISIN: DE0006968001; Index: CLASSIC All Share, Prime All
Share, CDAX;
Listed: Prime Standard in Frankfurter Wertpapierbörse, Freiverkehr in
Börse Berlin,
Freiverkehr in Bayerische Börse München, Freiverkehr in Börse
Düsseldorf,
Freiverkehr in Hanseatische Wertpapierbörse zu Hamburg, Freiverkehr
in Niedersächsische Börse zu Hannover,
Regulierter Markt in Börse Stuttgart, Regulierter Markt in
Frankfurter Wertpapierbörse;
Copyright © Hugin AS 2009. All rights reserved.



 
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