Carlo Lazzarini (CEO): “The Executive Board of the PWO Group is delighted that working hours will remain at 37.5 hours per week in the future at the Oberkirch location. This is important when it comes to ensuring the production site is in the best-possible position against competitors despite increasingly challenging general conditions in German industry.”

Oberkirch / Valašské Meziříčí / Kitchener / Puebla / Suzhou / November 14, 2022 – Progress-Werk Oberkirch AG and IG Metall signed a supplementary collective bargaining agreement, which will follow on seamlessly from the previous agreement on January 1, 2023 and remain in effect for 4 years.

Under the new agreements, working hours at the Oberkirch location will remain at 37.5 hours per week. It includes employment protection similar to under the previous arrangement and updated profit-sharing for employees compared to the current agreement.

In addition, a future team will be established, with half of the members appointed by the Works Council and half by the PWO Executive Board, as well as a future fund for investments. The future team will identity potential topics or action areas that could be useful for making the location sustainable and forward-looking, such as the employee innovation process, ongoing digitalization of operating processes and new products/business areas.

The clear vote of staff at the Oberkirch location in favor of retaining the longer weekly working hours compared with the standard collective bargaining agreement and the support of the Works Council in this regard were key factors in reaching this agreement.

Progress-Werk Oberkirch AG
The Executive Board

Contact:
Charlotte Frenzel

Investor Relations & Corporate Communications
T. +49 179 / 6904 237
E. [email protected]