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

--------------------------------------------------------------------------------
Corporate news transmitted by euro adhoc. The issuer/originator is solely
responsible for the content of this announcement.
--------------------------------------------------------------------------------

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
mail: info@progress-werk.de
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

ots Originaltext: Progress-Werk Oberkirch AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Charlotte Frenzel
Tel.: +49 (7802) 84-844
E-Mail: ir@progress-werk.de

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