DGAP-Adhoc: STS Group AG decides job cuts for cost reduction due to COVID-19-related decline in sales
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DGAP-Ad-hoc: STS Group AG / Key word(s): Personnel 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.
20-May-2020 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
| 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 |
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1052097 20-May-2020 CET/CEST
