SAF-HOLLAND SE: SAF-HOLLAND adjusts production site specific taking into account the respective requirements
SAF-HOLLAND adjusts production site specific taking into account the respective requirements
- Production until the end of March generally as planned
- Company makes its contribution to maintaining the security of supply
- COVID-19 pandemic necessitates rapid and flexible adjustment of production capacities
- Package of measures to secure jobs approved
- Service and supply of spare parts guaranteed
Luxembourg, March 30, 2020. After a first quarter that developed generally as planned, the SAF-HOLLAND Group, one of the leading suppliers to the truck and trailer industry worldwide, is adjusting the production in its global production network site specific in response to the global spread of the COVID-19 pandemic, taking into account the respective requirements. This affects the two German plants in Bessenbach and Singen as well as the production and assembly plants in Turkey, Italy, Brazil, India and South Africa as well as some sales companies. The measures range from introduction of partial short time work in Germany to temporary site closures - largely by official order. The duration and extent of the production cutbacks will be adjusted flexibly to the status of the supply chains and the sales markets.
Both our service and the supply of spare parts are guaranteed without restriction. Customers of SAF-HOLLAND can be supplied with spare parts at any time. This will ensure that the transport of goods on our roads, food and drugs in particular, functions smoothly.
By contrast, the situation at the Chinese location in Yangzhou has generally returned to normal. The employees have returned to work in the meantime. The site start-up is proceeding on schedule. The first deliveries to customers have taken place.
"Our top priority is to protect the health of our workforce, keep our supply chain as intact as possible and to minimize the impact of the crisis on our customers," says Alexander Geis, CEO of the SAF-HOLLAND Group. "We have initiated all the measures needed for a flexible adjustment of the production capacities and for an internal COVID-19 emergency response. We will react immediately and flexibly to future developments. It makes me happy to see how intensive the dialogue is between our customers and business partners, but also within the organization, to master this challenging time together."
In recent weeks, SAF-HOLLAND has taken wide-ranging measures globally to counter the spread of the coronavirus. These include the implementation of a Global Emergency Response Team which advises the Group Management Board on the current situation, prepares and coordinates the materials needed for decisions and monitors communicative and operative measures. In this context, travel rules and a provision for mobile working were decided at an early stage and extensive measures to ensure social distancing implemented.
SAF-HOLLAND SE, located in Luxembourg, is the largest independent listed supplier to the commercial vehicle market in Europe delivering mainly to the trailer markets. With sales of approximately EUR 1,284 million in 2019, the Company is one of the world's leading manufacturers and suppliers of chassis-related systems and components primarily for trailers, trucks, buses, and recreational vehicles. The product range comprises axle and suspension systems, fifth wheels, kingpins, and landing gear marketed under the brands SAF, Holland, Neway, KLL, V.Orlandi and York. SAF-HOLLAND sells its products to Original Equipment Manufacturers (OEM) on six continents. The Group's Aftermarket business supplies spare parts to the service networks of Original Equipment Suppliers (OES), as well as to end customers and service centers through its extensive global distribution network. SAF-HOLLAND is one of the few suppliers in the truck and trailer industry that is internationally positioned in almost all markets worldwide. With the innovation campaign "SMART STEEL - ENGINEER BUILD CONNECT" SAF-HOLLAND combines mechanics with sensors and electronics and drives the digital networking of commercial vehicles and logistics chains. Approximately 4,000 committed employees worldwide are already today working on the future of the transportation industry.
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This press release contains certain future-oriented statements that are based on current assumptions and forecasts made by the management of SAF-HOLLAND SE. Various known and unknown risks, uncertainties and other factors may lead to the actual results, financial position, development or performance of the company deviating considerably from the appraisals specified here. The company assumes no obligation to update future-oriented statements of this nature or adapt them to future events or developments.
This announcement is for information purposes only and does neither constitute an offer to sell, purchase, exchange or transfer any securities nor a solicitation of any offer to sell, purchase, exchange or transfer any securities. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. SAF-HOLLAND SE does not intend to register any securities referred to herein under the Securities Act or with any securities regulatory authority of any state or other jurisdiction in the United States in connection with this announcement.
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