PWO Group expands toolmaking capacities in eastern Europe as part of its growth strategy

EQS-News: PWO AG / Key word(s): Expansion
PWO Group expands toolmaking capacities in eastern Europe as part of its growth strategy
03.07.2023 / 08:00 CET/CEST
The issuer is solely responsible for the content of this announcement.

PWO Group expands toolmaking capacities in eastern Europe as part of its growth strategy

Carlo Lazzarini (CEO): “Our German and other European customers have significantly stepped up their presence in eastern Europe in recent years and are continuing to do so. The establishment of a subsidiary in Serbia and this capacity expansion lay the groundwork for harnessing further growth potential in eastern Europe in the future.”

Oberkirch / Valašské Meziříčí / Kitchener / Puebla / Suzhou / July 3, 2023 – The PWO Group is continuing to expand its market position and is focusing on profitable growth. Our sustainable business model, which is entirely independent of combustion engines, makes us a popular partner among our customers. We are delighted to see the a continuous strong increase in demand for our products from eastern Europe. As announced in June 2022, our Czech locations will not be able to meet this demand on a long-term basis despite considerable expansion investment, and so we need another location in eastern Europe.

Enjoying particularly attractive conditions, Serbia has become a key location for the European mobility industry in recent years. Almost all of our major Tier I customers now have production sites in the country, are continuing to expand their presence, and need our solutions to supply their eastern-European locations there.

This is why we purchased assets of the established tool manufacturer Gorenje MDM d.o.o. in Kragujevac, Serbia, and as of July 1, 2023, we hired around 60 specialists from the company, which is in liquidation for strategic reasons. We acquired equipment for developing, constructing, manufacturing and testing of tools for sheet metal cold forming.

With this investment, our company is establishing itself in a region with almost 200 years of industrial history and in close proximity to other highly specialized suppliers to the mobility industry. Gorenje MDM d.o.o. has more than 70 years of experience in tools development and toolmaking, and its customers include leading names in the international mobility industry.

In Kragujevac, we will develop, manufacture and test powerful tools for sheet metal cold forming as part of our global toolmaking strategy. Using the latest materials, we will focus on intelligent tools for Industry 4.0 applications and the smart factory of the future. By doing so, we aim to serve a specific external customer base as well as a significant portion of our rapidly growing in-house demand at competitive conditions.

PWO Group
The Executive Board

Charlotte Frenzel
Investor Relations & Corporate Communications
+49 179 / 6904 237



PWO Group profile
We are a global company in the mobility industry that takes the lead in shaping the environmentally friendly mobility of the future through innovations and is entirely independent of combustion engines.

With our expertise in climate-friendly lightweight construction, we are technology leaders and combine economic efficiency with sustainability. We develop and produce sophisticated metal components and complex subsystems at the frontiers of what is technologically possible.

As a serious employer with informal structures at a global level, we are home to 3,000 employees at 8 locations on 3 continents.

Our actions are driven by inner motivation and conviction, which is why sustainability is one of the core values of our Group.

We meet the challenges of our time with innovative and sustainable concepts. But most of all, we aim to take the related opportunities.

Our corporate strategy is summed up in the slogan PEOPLE. PLANET. PROGRESS.


03.07.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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