Progress-Werk Oberkirch AG prepares for future growth and expands its financial scope

DGAP-News: Progress-Werk Oberkirch AG / Key word(s): Financing
16.02.2021 / 18:06
The issuer is solely responsible for the content of this announcement.

Press Release

PWO prepares for future growth and expands its financial scope

Oberkirch, February 16, 2021 - PWO announced today in an ad hoc announcement that it has expanded its financial scope with a loan from KfW for EUR 30 million. With the additional funds, a total of over EUR 130 million of free credit lines are now available. This creates the financial scope necessary to allow the Group to consistently pursue its expansion while appropriately addressing the uncertainties associated with a possibly prolonged corona pandemic.

Dr. Cornelia Ballwießer, CFO of PWO AG, is very satisfied with the amount and structure of the financing commitments: "With this financing, we have further increased our available credit lines and have given the Group even more flexibility." In addition to the Group's planned expansion, our primary aim is to further increase the competitive strength of our locations, further expand their technological capabilities, and invest in digitalization.

Carlo Lazzarini, CEO of PWO AG, emphasizes: "Even in these pandemic times, we want to work consistently and without delay on implementing our strategic goals. Numerous development projects and the current high volume of new inquiries underscore our first-class standing with our customers. With innovation-driven solutions, we are actively shaping the mobility of the future. In doing so, we are a preferred partner of our customers."

We have just started to expand our Czech site. Additional operating space of 8,000 sqm is now being leased for this purpose. The site is already the Group's center of excellence for the development and production of vehicle seat solutions that are setting standards worldwide.

In the future, instrument panel carriers will grow to become another key product line at this site. To this end, orders were recently won from existing customers to supply additional vehicle models and, as of 2022, we will also supply two renowned new international customers for important model series of their premium vehicles, which includes electrically driven models.

Furthermore, we are continuously broadening our range of products and services of our other international locations. For example, orders for air spring components will be manufactured in Mexico and China. These locations will strengthen the production of components for electronic control units with their highly complex geometries. And, in addition, various new orders will start up at our German site in Oberkirch from 2021. This will include deliveries for electrically powered SUVs and pickups.

Overall, numerous development projects and a large number of current inquiries point to brisk new business in the years ahead and confirm the Group's medium-term growth targets.

Progress-Werk Oberkirch AG
The Board

Company Profile PWO
PWO is a partner to the global automotive industry for the development and production of advanced metal components and subsystems using lightweight construction. The Group has developed a unique knowledge in the forming and joining of metals over the course of its more than 100-year history since it was founded in 1919. With our expertise in cost-efficient lightweight construction, we contribute to environmentally friendly driving and greater distances.

All of the Group's more than 1,000 products contribute to automotive comfort and safety. More than 90 percent of revenue is independent of the vehicle's type of drivetrain. Approximately 3,000 employees on three continents at five production sites and four assembly plants ensure the highest level of delivery reliability and quality.

16.02.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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