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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

20-May-2020 / 14:30 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation
(EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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 [1]) [2] 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.

*STS Group AG*
Stefan Hummel
Head of Investor Relations
Zeppelinstrasse 4
85399 Hallbergmoos
+49 (0) 811 124494 12
ir@sts.group
www.sts.group [3]

20-May-2020 CET/CEST The DGAP Distribution Services include Regulatory
Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de
Language: English
Company: STS Group AG
Zeppelinstraße 4
85399 Hallbergmoos
Germany
Phone: +49 (0)811 124494 0
E-mail: ir@sts.group
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

1052097 20-May-2020 CET/CEST


1: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=5575664662b09abb0307f62fadfbbdce&application_id=1052097&site_id=vwd&application_name=news
2: http://)/
3: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=a0d37b578a18fe25c4879fd7833d9eef&application_id=1052097&site_id=vwd&application_name=news


(END) Dow Jones Newswires

May 20, 2020 08:30 ET ( 12:30 GMT)
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