Communication by board Punch Powertrain and unions
Both management and unions of Punch Powertrain regret today’s publishing of news articles with respect to the situation at Punch Powertrain in Sint-Truiden.
The automotive market has been under pressure for some time, certainly in China. Punch Powertrain therefore implemented temporary unemployment for economic reasons during the past months. The financial situation of Yinyi, as parent organization, has no influence on this but we understand that this can give cause for concern.
Punch Powertrain is, however, a company with many perspectives for the future, surely because of the PSA deal and a number of other projects being under development. Punch Powertrain wants to be well prepared for this.
Initially, meetings with the unions would be continued mid September. Due to the reporting this morning, this consultation will be brought forward to next Thursday 29-08-2019.
Today, the focus is primarily on informing and reassuring our own personnel. We wish to prepare this information and these discussions in all serenity in the interest of our employees and the company.
On behalf of the management and the unions