To increase the Group’s equity capital and financial strength in the long term, HIRSCH Servo is starting a comprehensive cost-cutting program at the Glanegg plant, which primarily entails laying off 24 employees and reducing fixed costs.
In addition, the Management Board will submit a proposal to the Supervisory Board and the Annual General Meeting recommending that a dividend should not be paid for the past fiscal year 2008/09 or the current fiscal year 2009/10.
These and other measures are aimed at securing capital strength, thus supporting the long-term, sustainable development of the HIRSCH Servo Group.
The majority shareholder, Kurt Hirsch Holding GmbH, will support this proactive package of measures.
In the medium term, the HIRSCH Servo Group reckons there will be increased demand for its products, as they can play a decisive role in improving energy efficiency.
The next date on the financial calendar is October 30, 2009 when the results for fiscal 2008/09 will be announced.
*The HIRSCH Servo Group is the EPS specialist on the Vienna Stock Exchange with manufacturing facilities in Austria, Hungary, Poland, Slovakia, Italy and Romania. EPS products (EPS stands for expandable polystyrene and is better known under the brand name of Porozell®) support a variety of functions, including energy savings, as well as sustainable and eco-friendly growth. Their wide-ranging applications cover packaging, shape-molded parts, building insulation, modular boards for underfloor heating, construction blocks, Thermozell® lightweight concrete products and transport pallets.
For further information, please contact Michaela Promberger, Tel: +43 4277 2211-312,
Fax: +43 4277 2211-370, E-mail: michaela.promberger@hirsch-gruppe.com,
www.hirsch-gruppe.com
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