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Progress-Werk Oberkirch AG, DE0006968001

Progress-Werk Oberkirch AG, DE0006968001

16.02.2021 - 18:07:41

Progress-Werk Oberkirch AG prepares for future growth and expands its financial scope

Ad hoc announcement pursuant to Article 17 MARPWO prepares for future growth and expands its financial scope Oberkirch, February 16, 2021 - Even in the current difficult market environment, the PWO Group is continuously working to optimize its strategic positioning. The expansion of its financial leeway leads to a significant improvement.

Within the scope of our existing financing, we still have more than EUR 100 million in credit lines available that we can use to realize the Group's planned growth, increase the competitive strength of our locations, expand their technological capabilities, and invest in digitalization. PWO expects good momentum in new business in the coming years due to a large number of development projects and customer inquiries. We have just started to expand our Czech location and are leasing an additional 8,000 sqm of operating space for this purpose. This location will produce series orders that it already has on hand.

Today, it was decided to take out an additional loan from the KfW Special Program 2020 ("KfW Entrepreneur Loan 037") in the amount of EUR 30 million, which will further expand our existing financial scope. As a result, we now have a total of over EUR 130 million in free credit lines available.

The additional funds will be used to improve our financial scope so that we can cushion ourselves even better for any risks associated with a possible prolonged corona pandemic. This loan financing has a term until December 30, 2023. However, due to the distribution restriction associated with it, there has been an agreement included allowing early termination at any time.

Progress-Werk Oberkirch AG The Management Board

End of the ad hoc announcement

16-Feb-2021 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de

Language: English Company: Progress-Werk Oberkirch AG Industriestra?e 8 77704 Oberkirch

Germany Phone: +49 (0)7802 84-844 Fax: +49 (0)7802 84-789 E-mail: ir@progress-werk.de 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 EQS News ID: 1168802 ? End of Announcement DGAP News Service


@ dgap.de