HÖRMANN Industries sells Penzberg automotive plant

HÖRMANN Industries GmbH today resolved to close its plant in Penzberg (Bavaria), which belongs to the Automotive segment. In this context, HÖRMANN Automotive Penzberg GmbH was spun off from the HÖRMANN Industries Group and transferred to the unconsolidated HÖRMANN equity investment FTH Fahrzeugteileholding GmbH, Chemnitz, effective 1 January 2019.

Production at the Penzberg plant is being transferred in an orderly fashion to other plants, in particular the Bánovce plant (Slovakia). This relocation is not expected to affect customer supply. The reorganisation will ensure the Automotive segment’s future competitive capability on the supply market for the commercial vehicle industry, which is defined by high price pressure.

The Penzberg plant is to be closed by no later than 30 June 2020, though the bulk of the relocation activities are to be completed by the end of 2019. HÖRMANN Industries GmbH is fully aware of its social responsibilities and will provide a package to alleviate the impact for the approximately 630 employees affected, and it will offer them all the positions available at other HÖRMANN Industries Group locations. HÖRMANN Industries GmbH intends to provide HÖRMANN Automotive Penzberg GmbH with secured funding of around EUR 20 million to finance this social plan