hGEARS: Positive Interim Summary Following Strategic Realignment of HERZOG GmbH

(PresseBox) ( Schramberg-Sulgen, )

• Strategic realignment of Herzog GmbH showing results
• Development exceeds plan in the future-oriented “E-Bike” division
• No need to reduce personnel for operational reasons

After the management of the hGears Group announced the strategic realignment of its subsidiary Herzog GmbH in January 2017, the management is now drawing a very positive summary after the first six months. As planned, Herzog GmbH's product portfolio has been aligned even more clearly in the past few months. Since then, the company has been concentrating on the “Power Tools” and “Industrial Applications” divisions and has successfully expanded its activities in the future-oriented ”E-Bike” division. As announced at the beginning of the year, Herzog GmbH has also invested in innovative machines and systems to optimize the entire production process in accordance with its product portfolio.

“The strategic realignment of Herzog GmbH has shown results very quickly. We are already seeing that we have made the right move. The new customer business in the E-Bike division, in particular, has clearly exceeded our expectations for the first half of 2017. We are approximately 50% ahead of plan in terms of order intake and see excellent growth prospects for the future. We are especially pleased that, contrary to our original fears, we are not forced to terminate any permanent employment contracts,” said Patrick Heimpold, CFO of the hGears Group. In the area of E-Bikes, the business with one of the biggest customers in the industry has gotten off to a particularly good start. Due to the successful completion of the project, Herzog GmbH has qualified for further expansion of its collaboration with this customer in the future.

With the package of measures taken and the very positive business development in the past half-year, the management of the hGears Group sees the prerequisites for Herzog GmbH to be able to profit sustainably from the potential in its core and growth markets. In order to secure the future of the site in Schramberg in the long term, investments of more than EUR 10 million in new machines and systems are planned by the end of 2019. In view of these excellent prospects for Herzog GmbH, the management of the hGears Group also sees no need to dismiss employees for operational reasons at the Schramberg site.
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