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1 October 2020
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27 October 2020

Positive trend


Dear Partners,

The Covid-19 crisis is still spreading in most European, North and South American countries implying governmental restrictions. From the beginning, CGR group has implemented actions and plans in order to protect its employees’ safety and guarantee the service to its customers.

This sanitary crisis is leading to an economic crisis that impacts all markets and especially Automotive and Aerospace.

CGR by taking emergency and long terms actions has secured its operational activities and therefore its financial result. At the end of August, CGR group result was positive and the balance sheet remains very strong with a stable Net Debt. The end of year 2020 forecast and 2021 budget confirm this positive trend.

As per example, the emergency actions implemented are:

  • Secure our cash by raising 10 M€ new loans with our banks
  • Postpone our debt maturity payments by 6 months, saving 6 M€ of cash
  • Use of short-time working in all concerned countries (France, Spain, Germany, Poland)
  • Give priority to our investments on customers’ development

Other long terms and structural actions implemented:

  • We have reorganized our industrial plants and headquarters by optimizing our processes
  • Doing so, we have lowered our fixed costs, and then placed the CGR group in a strong position despite the crisis
  • We have strengthened our development capabilities in the Mechatronics division with two expertise centers located in France (CGR PMPC) and Germany (CGR BE).
  • We have centralized our Eastern European springs business in our Polish expertise center in Czestochowa
  • We will increase our production capacity by 50% by mid-2021 in our Mexican facility to support our local growth

Then, CGR Group has set itself to go through this crisis by managing and securing its financial health and is ready to support the evolutions in Automotive and Aerospace markets.

Faithfully yours

Alexis MARTEL, C.E.O.

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