EANS-News: Progress-Werk Oberkirch AG / PWO Annual General Meeting approved all resolutions

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Annual & Special Corporate Meetings

Subtitle: - Very harmonious 89th Ordinary Annual General Meeting -
All resolutions approved by an overwhelming majority - Dynamic
business development continued in the opening quarter of 2012 -
Service contract of Mr. Bernd Bartmann extended

Oberkirch (euro adhoc) - Oberkirch, May 25, 2012 - The mood at
yesterday's 89th Ordinary Annual General Meeting of Progress-Werk
Oberkirch AG, which was held at the company's headquarter in
Oberkirch, was very harmonious. All proposed resolutions were
approved by an overwhelming majority of more than 99 percent. The
Management Board and the Supervisory Board were discharged by a large
majority. In addition, the presentation of the adopted financial
statements, the appropriation of unappropriated retained earnings,
and the election of the auditor for the 2012 financial year met with
widespread approval.

At the Erwin-Braun-Halle in Oberkirch, Karl M. Schmidhuber, Chairman
of the Management Board of Progress-Werk Oberkirch AG, addressed
shareholders, shareholder representatives, and guests, presenting the
key developments of the 2011 financial year. He elaborated how the
Company achieved strong revenue growth of 25 percent in fiscal year
2011 and a further improvement in profitability, following an already
marked increase in revenue in 2010. The favourable business
development continued in the opening quarter of 2012 with an increase
in revenue and EBIT of 18 percent and 34 percent, respectively.

Furthermore, the Chairman of the Supervisory Board informed the
Annual General Meeting that the Supervisory Board, at its meeting
yesterday, extended the service agreement of Management Board member
Mr. Bernd Bartmann, which has a term until December 2012, for five
years until December 31, 2017.

Progress-Werk Oberkirch AG
The Management Board

PWO company profile PWO is one of the world's leading suppliers of
advanced metal components for automobile safety and comfort. The
company has developed a 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 1,400 staff members. The Group is globally represented with
further sites in Canada, the Czech Republic, China and Mexico employs
around 2,700 staff members 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:
Bernd Bartmann (CFO)
Phone: +49 7802 / 84-347
Fax: +49 7802 / 84-789
e-Mail: bernd.bartmann@progress-werk.de

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: info@progress-werk.de
WWW: http://www.progress-werk.de
sector: Automotive Equipment
ISIN: DE0006968001
indexes:
stockmarkets: free trade: Berlin, München, Hamburg, Düsseldorf, Stuttgart,
regulated dealing/prime standard: Frankfurt
language: English