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STS Group AG adjusts production to current global developments

2020| Mar| 20
Financial News

DGAP-News: STS Group AG / Key word(s): Miscellaneous
20.03.2020 / 18:25
The issuer is solely responsible for the content of this announcement.

STS Group AG adjusts production to current global developments

- Adjustment of production at European plants

- Package of measures defined, short-time work implemented

- STS Group plants in China have started production again

Hallbergmoos/Munich, March 20, 2020. Current developments in the context of the rapid spread of the coronavirus have a comprehensive impact on the automotive and commercial vehicle industry. STS Group AG (ISIN: DE000A1TNU68;, the global system supplier for the automotive and commercial vehicle industry, listed in the Prime Standard of the Frankfurt Stock Exchange, has taken action in response to the plant shutdowns of car manufacturers that has been decided at short notice. This mainly affects the plants in Europe, at which STS has immediately adjusted its capacities to the current situation and also implemented short-time work at all locations. This measure also includes functions in development and administration. In addition, STS is implementing all possible measures to protect its employees. The Management of STS is also examining the possibility of using aid programs in countries in which STS is represented with its own locations. With this package of measures, the company is taking on its responsibility to protect its employees, preserve jobs and ensure the Group's long-term success.

As a globally active Group, STS proved to be consistent in dealing with the consequences of the spread of the coronavirus already at the beginning of 2020. Well-defined and effective measures in the area of production in China were able to avoid damage to employees, customers and the Group's long-term goals. All STS Group manufacturing plants in China have been able to restart production in the last weeks. In the coming weeks, production at the chinese STS plants is expected to increase to the level before the coronavirus pandemic.

"As a globally active Group, we are taking current developments very seriously and we are, therefore, consistently fulfilling our responsibility towards our employees, customers and also shareholders. We are meeting the extra challenge caused by the coronavirus with the highest priority and will react immediately and with flexibility to further developments. We are also convinced that our products are future-oriented and will continue to play a relevant role in the future," says CEO Andreas Becker.

About STS Group:
STS Group AG, (ISIN: DE000A1TNU68), is a leading system supplier to the automotive industry with a focus on solutions in the acoustics, thermal and structural engineering sectors. It employs more than 2,500 people worldwide and generated revenues of 362.8 mEUR in the financial year 2019. The STS Group ("STS") produces and develops plastic and acoustic components such as solid and flexible vehicle and aerodynamic trim, noise and vibration-damping materials, entire interior and exterior trim systems, as well as lightweight construction and battery components for electric vehicles at its 17 plants and four development centres in France, Italy, Germany, Poland, Mexico, Brazil, China and, in the future, also in the USA. STS is considered as a technology leader in the manufacture of special acoustic products, plastic injection moulding and components made of composite materials (Sheet Molding Compound - SMC). STS has a large global footprint with plants in four continents. The customer portfolio comprises leading international manufacturer of commercial vehicles, passenger cars and electric vehicles.

STS Group AG
Stefan Hummel
Head of Investor Relations
Zeppelinstrasse 4
85399 Hallbergmoos
+49 811 1244 9412

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20.03.2020 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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