German press manufacturer Koenig & Bauer is applying
for a government loan of up to €120 million ($137 million) to supplement
existing credit lines, the company announced.
No dividend distributions will take place
during the term of the loan.
The loan is in tandem with the company’s
Performance 2024 efficiency plan.
“In parallel to the corona crisis management,
we are working intensively on the Performance 2024 efficiency program,
evaluating various scenarios. In addition, improvements in working capital and
cash flow are at the top of the agenda alongside the strategic focus on
packaging printing and digital services,” said CEO Claus Bolza-Schunemann.
The company is requesting the loan through
KFW, Germany
Short-time working (a German unemployment
program that includes reduced hours and pay) has been in place at different
Koenig & Bauer locations since April 1. Under the current uncertain
conditions, the impact on revenue and earnings in the 2020 financial year cannot
yet be determined, the company says.
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