Heidelberg, Workers Reach Agreement on Cost-Cutting Measures

• Cost reductions of EUR 80 million will be achieved according to plan in financial year 2011/2012.

The package comprises an agreement to forgo collectively agreed payments and company contributions, the company's option of drawing on additional working hours and an innovative working-time concept. One element of the agreement is that staff can voluntarily reduce their contractual working hours to 57 percent of the original level on a permanent basis, with a corresponding cut in pay. The company will provide compensation for part of the lost salary for a period of maximum four years. The working hours of staff adopting this employment model will be based on company needs.