EANS-News: Progress-Werk Oberkirch AG / PWO entered into supplementary collective labour agreement for Oberkirch site

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Utl.: The revised supplementary collective labour agreement is valid until the
end of 2016 and replaces the previous version

Oberkirch (euro adhoc) - Oberkirch, 25 November 2009 - Progress-Werk Oberkirch
AG has entered into a revised supplementary collective union agreement for the
Oberkirch site. This agreement is valid until the end of 2016 and replaces the
previous version.

The principal objective of the new agreement was to create the basis for
maintaining the competitive position of the site in the next decade. Under the
new agreement, it will be possible to realise production on wide-ranging orders
totalling several hundred million Euros in Oberkirch at competitive costs.

Karl M. Schmidhuber, Chairman of the Management Board of Progress-Werk Oberkirch
AG, hailed the new supplementary agreement: "The new agreement makes our
long-term plans rather more secure. Our employees have agreed to make a
substantial effort to support the site in the current financial and economic
crisis and to create competitive structures for the coming years. The company
will be investing a further 30 million Euros in this. Not only will this secure
existing jobs, it also creates new ones and keeps important orders at the site
on the long run. Thus, Oberkirch is and will remain PWO´s most important
production site."

Progress-Werk Oberkirch AG
The Management Board

PWO company profile
PWO is one of the world´s leading suppliers of high-precision metal components
for the automobile industry, specialising in vehicle safety and comfort. The
company has developed a unique know-how in the shaping and joining of metals
over ninety years of corporate development since its foundation in 1919. The
German plant in Oberkirch currently has around 1,100 employees. The company is
represented globally, with sites in China, Canada, Mexico and the Czech
Republic, and has around 1,900 employees.

PWO is a partner to the global automobile industry for the development and
production of innovative products: by the millions, just-in-time and on a
zero-defect basis. In close cooperation with customers, PWO´s international
production sites are being expanded to supply foreign markets. This way,
considerable successes have already been achieved, meaning that PWO has
contracts that will once again lead to growth in the coming years - regardless
of whether the markets fully recover or not.

Rückfragehinweis:
Bernd Bartmann (CFO)
Phone: +49 7802 / 84-347
Fax: +49 7802 / 84-789
e-Mail: [email protected]
Ende der Mitteilung euro adhoc
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Emittent: Progress-Werk Oberkirch AG
          Industriestraße 8
          D-77704 Oberkirch
Telefon:  +49(0)7802 84-0
Email:    [email protected]
WWW:      http://www.progress-werk.de
Branche:  Auto
ISIN:     DE0006968001
Indizes:  
Börsen:   Regulierter Markt/Prime Standard: Frankfurt, Freiverkehr: Berlin,
          Hamburg, Stuttgart, Düsseldorf, München 
Sprache:  Deutsch

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