March 19, 2020 / 4:04 PM / 9 days ago

BRIEF-Paragon Winds Down Production

March 19 (Reuters) - PARAGON GMBH & CO KGAA:

* REACTS TO PRODUCTION STOPPAGES BY AUTOMOTIVE MANUFACTURERS AND TEMPORARILY WINDS ITS OWN PRODUCTION DOWN

* EXPECTS TO SEE COMPENSATORY EFFECTS LATER ON IN YEAR ONCE PRODUCTION IS RESUMED

* EFFECTS ON FURTHER BUSINESS DEVELOPMENT CURRENTLY NOT FORESEEABLE - DEPENDING ON DURATION OF PRODUCTION STOP

* HAS SUBMITTED AN APPLICATION FOR A SHORTER WORKING HOURS MODEL

* MANAGED TO MAINTAIN ITS SUPPLY CHAINS DESPITE CORONAVIRUS CRISIS AND ALSO TO KEEP ITS BUSINESS OPERATIONS RUNNING

* MARKET IN CHINA IS NOW GRADUALLY BOUNCING BACK

* EXPECTS TO BE ABLE TO RESUME PRODUCTION IN MID-APRIL

* IMPOSSIBLE TO PREDICT HOW GLOBAL SPREAD OF COVID-19 AND RESULTING SITUATION ON AUTOMOTIVE MARKET WILL AFFECT ONGOING BUSINESS Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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