DEUTZ AG (FRA:DEZ) DEUTZ AG: DEUTZ is ramping down production and retracting guidance for 2020
Transparency directive : regulatory news
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DGAP-Ad-hoc: DEUTZ AG / Key word(s): Miscellaneous DEUTZ AG will be shutting down large parts of its production in Europe (Cologne, Ulm, Herschbach, Zafra), at first from April 1 through April 17, 2020. Many of the DEUTZ Group's customers have already closed down their production or are planning to do so in the very near future. Precautionary measures taken to ensure compliance with minimum distances between employees are making efficient production in the assembly area currently impossible. Furthermore, following consultation with employee representatives, the Company will apply for short-time working. Against this backdrop and in view of the impact of the coronavirus pandemic on the global economy, DEUTZ AG now anticipates a significant impairment of its business activities. The guidance for 2020, which was provided on the basis of the information available at the beginning of March, has consequently been withdrawn. In view of the rapidly changing and unpredictable nature of the coronavirus pandemic, it is not yet possible to assess the extent of the impact on the business, which is why it is not currently possible to update the guidance. DEUTZ has already taken precautionary measures to ensure that it has sufficient liquidity with regard to possible stress scenarios due to the coronavirus pandemic. Contact: Leslie Isabelle Iltgen Communications & Investor Relations Senior Vice President Tel. +49 (0) 221 822-36 00 Fax: +49 (0) 221 822-15 36 00 E-Mail: leslie.iltgen@deutz.com
25-March-2020 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
| Language: | English |
| Company: | DEUTZ AG |
| Ottostraße 1 | |
| 51149 Köln (Porz-Eil) | |
| Germany | |
| Phone: | +49 (0)221 822 0 |
| Fax: | +49 (0)221 822 3525 |
| E-mail: | ir@deutz.com |
| Internet: | www.deutz.com |
| ISIN: | DE0006305006 |
| WKN: | 630500 |
| Indices: | SDAX |
| Listed: | Regulated Market in Dusseldorf, Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
| EQS News ID: | 1007201 |
| End of Announcement | DGAP News Service |
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1007201 25-March-2020 CET/CEST