ElringKlinger adjusts production due to coronavirus pandemic

Dettingen/Erms (Germany), March 23, 2020  +++ As a result of the coronavirus pandemic, a large number of automobile manufacturers have suspended production at many of their sites or have announced such stoppages. In response, the Management Board of ElringKlinger AG, Dettingen/Erms (ISIN DE 0007856023/ WKN 785602), acting in consultation with the Group works council of ElringKlinger AG, has decided to adjust Group production in Germany in line with requirements directly as of today (March 23). Among the sites primarily affected are those in Europe and North America, but also the plant in India and that in Brazil. Production will either be scaled down – in Germany, for example, all necessary preparations for short-time work are now being made – or halted temporarily. This package of measures does not include the Chinese plants, which have resumed operations following the temporary closures. At present, the sites in other regions of the world, such as South Africa, will also continue production without being affected by these measures.

It is impossible to predict the duration of plant closures by manufacturers. The same applies to potentially more extensive measures in the coming weeks – also from a political perspective. In view of these considerable uncertainties and significant dynamics, the economic effects on the Group cannot currently be determined with sufficient reliability and accuracy.