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STS Group AG
Regulatory Filings • May 20, 2020
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Ad-hoc | 20 May 2020 14:30
STS Group AG decides job cuts for cost reduction due to COVID-19-related decline in sales
STS Group AG / Key word(s): Personnel
STS Group AG decides job cuts for cost reduction due to COVID-19-related decline in sales
20-May-2020 / 14:30 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP – a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
STS Group AG decides job cuts for cost reduction due to COVID-19-related decline in sales
Hallbergmoos/Munich, May 20, 2020 . The Management Board of STS Group AG (ISIN: DE000A1TNU68 )/) today decided, with the approval of the Supervisory Board, to introduce a further measure as part of a comprehensive cost-cutting program. As a consequence of the loss of revenue caused by the COVID-19 pandemic, STS Group AG will make extensive structural changes to its administrative functions. As part of these changes, operational functions of STS Group AG will be transferred to subordinate operational units or external parties. Only strategic tasks will remain at STS Group AG level. As a result of this development, the Management Board has decided to terminate a large part of the employment contracts for operational reasons. The resulting negative one-off effects will be reflected in the result for the current fiscal year.
STS Group AG
Stefan Hummel
Head of Investor Relations
Zeppelinstrasse 4
85399 Hallbergmoos
+49 (0) 811 124494 12
20-May-2020 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de
| Language: | English |
| Company: | STS Group AG |
| Zeppelinstraße 4 | |
| 85399 Hallbergmoos | |
| Germany | |
| Phone: | +49 (0)811 124494 0 |
| E-mail: | [email protected] |
| Internet: | https://sts.group |
| ISIN: | DE000A1TNU68 |
| WKN: | A1TNU6 |
| Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange |
| EQS News ID: | 1052097 |
| End of Announcement | DGAP News Service |