17.10.2016
Progress-Werk Oberkirch AG DE0006968001
DGAP-News: PWO sets another record in new orders
DGAP-News: Progress-Werk Oberkirch AG / Key word(s): Incoming
Orders/Expansion
PWO sets another record in new orders
17.10.2016 / 08:00
The issuer is solely responsible for the content of this announcement.
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PWO sets another record in new orders
- Orders in the first nine months of 2016 already exceed volume in the
full 2015 fiscal year
- Forecast for new business in 2016 raised significantly
- New assembly location in Mexico enhancing presence in the NAFTA Area
- Medium-term 2020 revenue and margin targets confirmed
Oberkirch, October 17, 2016 - The PWO Group is extending its recent success
in acquiring new contracts. At the end of September 2016, PWO achieved
record new business volume once again with a total lifetime volume of EUR
630 million, EUR 47 million of which was attributed to related tool orders.
New business volume for the first nine months 2016 has thus already
surpassed the previous record reached in the full fiscal year 2015 of EUR
600 million. New business volume for the 2016 fiscal year is now expected
to reach EUR 700 million.
The key drivers of this growth continue to be our lightweight, innovative
instrument panel carriers (cross-members). Our Canadian location recently
won a large follow-on order for these products. Overall, we are enjoying
significant success across all of our product areas at all locations. As is
customary in our business, the new series productions will start-up over
the next years. The usual lifetime of these is 7 to 9 years.
A decision has also been made to set up an assembly location in San Luis
Potosí in Central Mexico so that the PWO Group can continue its expansion.
Many of the international auto industry's major manufacturers and suppliers
are already present or are about to be soon in this fast-growing region.
Around 8,000 m² of leased space will be tailored to our specific
requirements over the next several quarters. We have also secured
additional space for further expansion.
Dr. Volker Simon, CEO, is pleased with the Group's sales success: "We are
rapidly expanding the product range and production volumes at our global
locations, which is further strengthening our global position and our
position in the local markets at the same time. This gives us confidence
that we will continue growing strongly internationally, even beyond the
year 2020."
For Bernd Bartmann, CFO, the focus is increasingly turning towards the
Group's medium-term targets. "We announced our aim to grow revenues by the
year 2020 to above EUR 500 million and achieve an EBIT margin before
currency effects of roughly 7%. Our current level of new business
underscores our ability to reach these targets. At the same time, we will
continue to pay attention to maintaining well-balanced financing and stable
balance sheet ratios."
Progress-Werk Oberkirch AG
The Management Board
PWO company profile
PWO is one of the world's leading developers and manufacturers of advanced
metal components and systems in lightweight construction for automobile
safety and comfort. The Group has developed a unique knowledge in the
forming and joining of metals over the course of its roughly 97-year
history since it was founded in 1919. The German location at Oberkirch
today employs around 1,500 staff members. PWO is globally represented with
further sites in the Czech Republic, Canada, Mexico, and China. The Group
employs a total of 3,100 staff members.
PW0 is a partner to the global automotive industry for the development and
production of innovative products in the divisions of "Mechanical
components for electrical and electronic applications", "Safety components
for airbags, seats and steering" and "Components and subsystems for vehicle
bodies and chassis".
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17.10.2016 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.
The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.dgap.de
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Language: English
Company: Progress-Werk Oberkirch AG
Industriestraße 8
77704 Oberkirch
Germany
Phone: +49 (0)7802 84-347
Fax: +49 (0)7802 84-789
E-mail: [email protected]
Internet: www.progress-werk.de
ISIN: DE0006968001
WKN: 696800
Listed: Regulated Market in Frankfurt (Prime Standard), Stuttgart;
Regulated Unofficial Market in Berlin, Dusseldorf,
Hamburg, Munich, Tradegate Exchange
End of News DGAP News Service
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511833 17.10.2016
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