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

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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".

Further inquiry note:
Charlotte Frenzel
Tel.: +49 (7802) 84-844
E-Mail: [email protected]
end of announcement euro adhoc
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company: Progress-Werk Oberkirch AG
Industriestraße 8
D-77704 Oberkirch
phone: +49(0)7802 84-0
mail: [email protected]
WWW: http://www.progress-werk.de
sector: Automotive Equipment
ISIN: DE0006968001
indexes:
stockmarkets: regulated dealing/prime standard: Frankfurt, free trade: Berlin,
Hamburg, Stuttgart, Düsseldorf, München
language: English

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