EANS-News: STRABAG registers for short-time working programme in Austria - ATTACHMENT

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Corporate news transmitted by euro adhoc with the aim of a Europe-wide
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* Reduced working hours initially for three months
* Rapid response to yesterday’s revised federal short-time work directive

Strategic Management Decisions

Vienna - STRABAG, the largest Austrian construction company, is applying for
short-time work in Austria, initially for a period of three months, as an
immediate response to the revision made yesterday, Thursday, to the federal
short-time work directive (KUA-COVID-19).

"With the new framework for short-time work, the government, responding in part
to public pressure, has worked out a solution that is acceptable and reasonable
for all involved. The spectre of across-the-board layoffs is thus off the table,
and I am very happy about that. We have always seen short-time work at
acceptable terms as the preferred solution - these conditions now exist. Until
they did, we had to reduce the risk to our company with its thousands of jobs.
This is why, as a precautionary measure, we had initially pre-registered our
employees with the national employment agency's early warning system," says
Thomas Birtel, CEO of STRABAG SE. "I wish to thank all our employees for their
trust and the works council for the constructive dialogue. Now we can work
together to prevent more drastic measures."

The works council of STRABAG in Austria supports the way things are proceeding.
"The team of the works council was greatly relieved by the decision to introduce
short-time work at STRABAG and welcomes the Management Board's plans to roll out
this programme in Austria. This also brings to a positive conclusion our most
important demands and efforts made by the works council in close cooperation
with the trade unions," comments Omar Al-Rawi, chairman of the employee works
council in Austria.

"Why we are in favour of this model is obvious: short-time work safeguards the
most jobs, is the most efficient way to ensure the continued existence of the
company, and, despite the inevitable loss of income, offers a far better
financial situation for all of our colleagues than normal unemployment
benefits," adds Roland Taibl, chairman of the central works council.

Further inquiry note:
STRABAG SE
Diana Neumüller-Klein
Head of Corporate Communications & Investor Relations
Tel: +43 1 22422-1116
[email protected]

end of announcement euro adhoc
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Attachments with Announcement:
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http://resources.euroadhoc.com/documents/2246/5/10436459/1/STRABAG_Corona_Kurzarbeit_E_März2020.pdf

issuer: STRABAG SE
Donau-City-Straße 9
A-1220 Wien
phone: +43 1 22422 -0
FAX: +43 1 22422 - 1177
mail: [email protected]
WWW: www.strabag.com
ISIN: AT000000STR1, AT0000A05HY9
indexes: ATX, SATX, WBI
stockmarkets: Wien
language: English

ORIGINAL APA-OTS TEXT - THE INFORMATION CONTAINED IN THIS PRESS RELEASE IS SUBJECT TO THE EXCLUSIVE RESPONSIBILITY OF THE ISSUER | CNE

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