DGAP-News: HOMAG Group and Works Councils Reach Agreement on the Restructuring of BÜTFERING and TORWEGGE
(firmenpresse) - DGAP-News: Homag Group AG / Key word(s): Agreement
HOMAG Group and Works Councils Reach Agreement on the Restructuring of
BÜTFERING and TORWEGGE
14.03.2012 / 20:48
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HOMAG Group and Works Councils Reach Agreement on the Restructuring of
BÜTFERING and TORWEGGE
- Agreement on reconciliation of interests and social compensation plan
in both cases
- Restructuring progressing as planned
- Fewer layoffs than initially expected
Schopfloch, March 14, 2012. The management of HOMAG Group has reached
agreements with the works councils of the subsidiary companies BÜTFERING
Schleiftechnik GmbH, Beckum, and TORWEGGE Holzbearbeitungsmaschinen GmbH,
Löhne, as well as with the Group's works council on the terms for the
planned restructuring. A reconciliation of interests and a social
compensation plan have been agreed on for both companies.
HOMAG Group AG's CEO Dr. Markus Flik commented positively on the outcome of
the negotiations: 'The agreements that have now been reached are a further
important step in our restructuring effort, which so far is proceeding as
planned. Together with the works councils, we were able to find a viable
solution for all participants. With this move, we are making the HOMAG
Group fit for the future, improving our competitiveness and strengthening
our profitability.' The restructuring measures currently underway are aimed
to reduce the number of the production locations in Germany from eleven to
eight.
Hannelore Knowles, chairwoman of the Group's works council, is also
satisfied with the achieved result: 'Under the given circumstances, our top
priority was to ensure that as many employees as possible keep their jobs.
For the remaining employees, we wanted to achieve the most socially
acceptable transition. We succeeded in doing this with the agreements that
have been reached.'
The company BÜTFERING Schleiftechnik GmbH, Beckum, is to be linked to WEEKE
Bohrsysteme GmbH, Herzebrock-Clarholz, another subsidiary of the HOMAG
Group, as planned. The objective of this affiliation is to improve the
competitiveness of the wood sanding machine business by a maximum use of
synergies in all areas. The traditional brand BÜTFERING will be maintained.
WEEKE will take on 62 employees of BÜTFERING, thus retaining the majority
of the workforce. With the intended sale of the metalgrinding business, the
buyer is to take over another 17 employees. The agreement concluded
provides for the remaining 18 employees to join a transfer company.
The restructuring measures at TORWEGGE will affect the remaining 73 of the
initial 90 employees, all of whom will be also entitled to join a transfer
company. The restructuring of TORWEGGE is proceeding according to plan and
will be concluded within 2012.
'As it is turning out, we will be able to realize the planned reduction of
about 180 positions with significantly fewer layoffs than initially
expected,' says CFO and board member for human resources Hans-Dieter
Schumacher. Once the restructuring has been completed, it is expected that
the HOMAG Group will generate a sustainable improvement in operative EBITDA
(before expenses from employee participation and before extraordinary
expenses) ranging between EUR 6 and 8 million each year from 2013 onwards.
- - - - - - - - - -
Background information
With its 17 specialized production companies, 21 group sales and service
companies and approximately 60 exclusive sales partners worldwide, HOMAG
Group AG's position as a complete system supplier is unique. Backed by a
workforce of some 5,100 employees, the company sees itself as the leading
global manufacturer of plant and machinery for the woodworking and wood
materials processing industry and cabinet makers active in the production
of furniture and construction elements as well as timber frame houses. The
group also offers its customers a wide range of services, including
software and consulting services. HOMAG Group AG's shares have been listed
on the Prime Standard of the Frankfurt stock exchange since July 13, 2007.
Disclaimer
This press release contains certain statements relating to the future.
Future-oriented statements are all those statements that do not pertain to
historical facts and events or expressions pertaining to the future such as
'believes', 'estimates', 'assumes', 'forecasts', 'intend', 'may', 'will',
'should' or similar expressions. Such future-oriented statements are
subject to risks and uncertainty since they relate to future events and are
based on current assumptions of the Company, which may not occur in the
future or may not occur in the anticipated form. The Company points out
that such future-oriented statements do not guarantee the future; actual
results including the financial position and the profitability of the HOMAG
Group as well as the development of economic and regulatory framework
conditions may deviate significantly (and prove unfavorable) from what is
expressly or implicitly assumed or described in these statements. Even if
the actual results of the HOMAG Group including the financial position and
profitability as well as the economic and regulatory framework conditions
should coincide with the future-oriented statements in this announcement,
it cannot be guaranteed that the same will hold true in the future.
For further information, please contact:
HOMAG Group AG
Investor Relations and Corporate Communications
Kai Knitter
Phone: +49 7443 13-2461
kai.knitter(at)homag-group.com
www.homag-group.com
End of Corporate News
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14.03.2012 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
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Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Homag Group AG
Homagstr. 3-5
72296 Schopfloch
Germany
Phone: +49 (0)7443 / 13 - 0
Fax: +49 (0)7443 / 13 - 2300
E-mail: info(at)homag-group.com
Internet: www.homag-group.com
ISIN: DE0005297204
WKN: 529720
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,
München, Stuttgart
End of News DGAP News-Service
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