PWO extends activities in Czech Republic and establishes wholly-owned
subsidiary in China
Oberkirch, 2 October 2007 - The international expansion strategy
pursued by Progress-Werk Oberkirch AG has been well received by the
market as a whole. Customer awareness of PWO as a strategic partner
and global supplier has increased significantly, and as expected the
company is currently unlocking further growth opportunities.
Revenue at PWO's site in Valasske Mezirici, Czech Republic, is
forecast to grow significantly in the coming years. Having
systematically expanded production capacities since 2005, the plant -
currently operating with a total of four metal-forming presses - is
working at full capacity thanks to ongoing or new orders. In view of
this performance, the company has thus initiated the second phase of
its plant expansion, which includes an additional production facility
with further manufacturing capacity. Together with the expansion
measures already implemented within the tooling unit, the original
floor space of PWO's Czech plant has thus been fully utilised. In
2006, neighbouring land was acquired for the purpose of accommodating
any future expansion projects going beyond those already executed.
As part of its expansion plans for Asia, PWO is currently
establishing its own subsidiary in Suzhou, China. This company will
manufacture other products than those being made by PWO's Chinese
joint venture, thus adding to the overall portfolio. Start-up and
expansion of the subsidiary will proceed on the basis of PWO's proven
strategy, in close cooperation with customers and taking into
consideration the volume of incoming orders.
Factoring in the standard lead time required for such projects, PWO
is operating on the assumption that the additional activities in the
Czech Republic and China will generate revenue and earnings - and
thus drive corporate growth - from 2009 and 2010 onwards.
Progress-Werk Oberkirch AG
The Management Board
Contact: Bernd Bartmann
Phone: +49 (0) 7802 / 84-347
Fax: +49 (0) 7802 / 84-789
E-mail: bernd.bartmann@progress-werk.de
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Progress-Werk Oberkirch AG
Industriestrasse 8 Oberkirch
WKN:
696800; ISIN: DE0006968001; Index: CLASSIC All Share, Prime All
Share, CDAX;
Listed: Amtlicher Markt in Frankfurter Wertpapierbörse, Prime
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Freiverkehr in Börse Berlin, Freiverkehr in Bayerische Börse München,
Freiverkehr in Börse Düsseldorf, Amtlicher Markt in Börse Stuttgart,
Freiverkehr in Hanseatische Wertpapierbörse zu Hamburg, Freiverkehr
in Niedersächsische Börse zu Hannover;
