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26.05.2011 – 17:01

Progress-Werk Oberkirch AG

EANS-News: Progress-Werk Oberkirch AG
PWO AGM passes all resolutions

  Corporate news transmitted by euro adhoc. The issuer/originator is solely
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Annual & Special Corporate Meetings

Oberkirch (euro adhoc) - May 26, 2011

- Harmonious 88th Ordinary AGM - All resolutions approved by a large majority - Very gratifying business trends continue in 2011 - Service contracts of Karl M. Schmidhuber and Dr. Winfried Blümel extended

Yesterday's 88th Ordinary AGM of Progress-Werk Oberkirch AG, which was held at the company's domicile in Oberkirch, proceeded harmoniously. This year's agenda included the regular items concerning the presentation of the adopted financial statements, the application of unappropriated retained earnings, the discharge of the Management and Supervisory board members and the election of the auditor for the 2011 financial year. All proposed resolutions were accepted with a majority of more than 99 percent of the share capital represented.

In the presence of shareholders, shareholder representatives and guests gathered at the Erwin-Braun-Halle in Oberkirch, Karl M. Schmidhuber, CEO of Progress-Werk Oberkirch AG, explained the key developments of the 2010 financial year. He showed how the extraordinary degree of flexibility and commitment on the part of the company's employees made it possible to realise high revenue growth of 28 percent and boost the PWO Group's profitability. The gratifying business trend continued in the first quarter of 2011 with 26 percent revenue growth. It also continued during the first weeks of the second quarter and call orders for the coming months remain at a high level.

In addition, the Supervisory Board Chairman informed the AGM that the Supervisory Board, at its meeting yesterday, extended the service agreements of Karl M. Schmidhuber and Dr. Winfried Blümel, which have a term until May and April 2012 respectively - in the case of Mr. Schmidhuber until the end of the Ordinary AGM in 2014, i.e. until his retirement age, and in the case of Dr. Blümel for five years until April 18, 2017.

Progress-Werk Oberkirch AG The Management Board

PWO company profile PWO is one of the world's leading suppliers of high-end metal components for automobile safety and comfort. The company has developed unique knowledge in the forming and joining of metals over the course of its over 90-year history since it was founded in 1919. The German location at Oberkirch today employs around 1,200 staff members. The Group is globally represented with further sites in China, Canada, Mexico and the Czech Republic, and employs around 2,200 staff around the world.

PW0 is a partner to the global automotive industry for the development and production of innovative products in the areas of "Mechanical components for electrical and electronic applications", "Safety components for airbags, seats and steering" and "Components and systems for vehicle bodies and chassis".

end of announcement                               euro adhoc
company:     Progress-Werk Oberkirch AG
          Industriestraße 8
          D-77704 Oberkirch
phone:       +49(0)7802 84-0
sector:      Automotive Equipment
ISIN:        DE0006968001
stockmarkets: regulated dealing/prime standard: Frankfurt, free trade: Berlin,
          Hamburg, Stuttgart, Düsseldorf, München
language: English 

Further inquiry note:

Charlotte Frenzel
Tel.: +49 (7802) 84-844

Branche: Automotive Equipment
ISIN: DE0006968001
WKN: 696800
Börsen: Frankfurt / regulated dealing/prime standard
Berlin / free trade
Hamburg / free trade
Stuttgart / free trade
Düsseldorf / free trade
München / free trade

Original content of: Progress-Werk Oberkirch AG, transmitted by news aktuell

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