Progress-Werk Oberkirch AG: PWO wins another major order and raises annual forecast for new business

DGAP-News: Progress-Werk Oberkirch AG / Key word(s): Forecast
22.11.2021 / 10:00
The issuer is solely responsible for the content of this announcement.

- Future delivery of a lightweight instrument panel carrier for a major, global vehicle platform
- Order volume of around EUR 130 million
- Annual new business growth target "towards EUR 500 million" thus significantly outperformed; new forecast: "towards EUR 600 million"
- PWO opens up additional growth opportunities in batteries and fuel cells

Oberkirch, November 22, 2021 - PWO has secured an order worth approx. EUR 130 million from a premium manufacturer to build instrument panel carriers. With current new business in the Group of approx. EUR 535 million, the target for the year's growth in new business of "towards EUR 500 million" in 2021 has thus already been significantly exceeded. As further contracts are expected to be awarded by the end of the year, we are raising our target for new business in fiscal 2021 and now expect to secure a volume "towards EUR 600 million".

After having already landed the contract to develop the instrument panel carrier, we have now been awarded the contract for its series production as well. Starting from 2024, PWO's locations in Eastern Europe and China will be supplying various customer sites over seven years. Our capabilities in product and process development, which allowed us to fend off tough competition, were a key factor in this success. The new instrument panel carrier was developed to meet a target weight while also satisfying significantly increased requirements for comfort, connectivity and safety in particular. It also has to satisfy strict sustainability criteria along the supply chain and reduce the carbon footprint of the production process - continuously and significantly - throughout the manufacturing process.

On an ongoing basis, we are searching for new, high-growth product areas in which we can apply our expertise in the forming and joining of sheet metal to add value at the very frontiers of what is technologically possible. Specifically, for some time we have been active in various complex aspects for batteries and fuel cells with selected partners, and are on the verge of tapping additional growth potential here as well.

Carlo Lazzarini, CEO of PWO AG, is delighted by the new prospects: "Our solutions expertise is enjoying the utmost success. The current acceleration in growth will continue beyond 2021. This is indicated by the enormous increase in the number of inquiries we have received in the last few months and which we are continuously working through. Also, focusing on our development capabilities is now paying off as additional product fields are opening up for us. And there's still more to come. Independence from combustion engines, a presence in all vehicles, regardless of drive type and the determination to seize opportunities on new growth markets - that's what PWO stands for today."

Progress-Werk Oberkirch AG
The Executive Board

PWO profile
With our innovative lightweight solutions, we are the preferred partner of the global mobility industry. As an engineering house, we are constantly driving forward the development and production of sophisticated metal components and complex subsystems.

Under the slogan "People, Planet, Progress," we use our technological leadership at the boundaries of what is technologically feasible in metal forming and joining to serve our customers and business partners. Responsibility is at the heart of everything we do. We see our business as a "force for good," as our contribution to a positive development in the future for the benefit of our customers, employees and shareholders as well as for our environment. To this end, we are focusing on digitalizing all of our processes using the tools of the fourth industrial revolution.

We address the three areas of the mobility of the future: electrification, safety and comfort. Our product range is already independent of the combustion engine. Around 3,000 employees at 5 production locations and 3 assembly sites on 3 continents ensure maximum delivery reliability and quality.

22.11.2021 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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