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DGAP-News: STS Group AG
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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; www.sts.group), 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:
|Company:||STS Group AG|
|Phone:||+49 (0)811 124494 0|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||1003565|
|End of News||DGAP News Service|