EANS-News: Progress-Werk Oberkirch AG / PWO entered into supplementary collective labour agreement for Oberkirch site

The revised supplementary collective labour agreement is valid until
the end of 2016 and replaces the previous version

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Utl.: The revised supplementary collective labour agreement is valid
until the end of 2016 and replaces the previous version

Oberkirch (euro adhoc) - Oberkirch, 25 November 2009 - Progress-Werk
Oberkirch AG has entered into a revised supplementary collective
union agreement for the Oberkirch site. This agreement is valid until
the end of 2016 and replaces the previous version.

The principal objective of the new agreement was to create the basis
for maintaining the competitive position of the site in the next
decade. Under the new agreement, it will be possible to realise
production on wide-ranging orders totalling several hundred million
Euros in Oberkirch at competitive costs.

Karl M. Schmidhuber, Chairman of the Management Board of
Progress-Werk Oberkirch AG, hailed the new supplementary agreement:
"The new agreement makes our long-term plans rather more secure. Our
employees have agreed to make a substantial effort to support the
site in the current financial and economic crisis and to create
competitive structures for the coming years. The company will be
investing a further 30 million Euros in this. Not only will this
secure existing jobs, it also creates new ones and keeps important
orders at the site on the long run. Thus, Oberkirch is and will
remain PWO´s most important production site."

Progress-Werk Oberkirch AG
The Management Board

PWO company profile PWO is one of the world´s leading suppliers of
high-precision metal components for the automobile industry,
specialising in vehicle safety and comfort. The company has developed
a unique know-how in the shaping and joining of metals over ninety
years of corporate development since its foundation in 1919. The
German plant in Oberkirch currently has around 1,100 employees. The
company is represented globally, with sites in China, Canada, Mexico
and the Czech Republic, and has around 1,900 employees.

PWO is a partner to the global automobile industry for the
development and production of innovative products: by the millions,
just-in-time and on a zero-defect basis. In close cooperation with
customers, PWO´s international production sites are being expanded to
supply foreign markets. This way, considerable successes have already
been achieved, meaning that PWO has contracts that will once again
lead to growth in the coming years - regardless of whether the
markets fully recover or not.

Ende der Mitteilung euro adhoc
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ots Originaltext: Progress-Werk Oberkirch AG
Im Internet recherchierbar: http://www.presseportal.de

Rückfragehinweis:

Bernd Bartmann (CFO)

Phone: +49 7802 / 84-347

Fax: +49 7802 / 84-789

e-Mail: bernd.bartmann@progress-werk.de

Branche: Auto
ISIN: DE0006968001
WKN: 696800
Börsen: Frankfurt / Regulierter Markt/Prime Standard
Berlin / Freiverkehr
Hamburg / Freiverkehr
Stuttgart / Freiverkehr
Düsseldorf / Freiverkehr
München / Freiverkehr