EANS-News: Progress-Werk Oberkirch AG
PWO Annual General Meeting approved all resolutions
-------------------------------------------------------------------------------- Corporate news transmitted by euro adhoc. The issuer/originator is solely responsible for the content of this announcement. -------------------------------------------------------------------------------- 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 -------------------------------------------------------------------------------- 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
Original content of: Progress-Werk Oberkirch AG, transmitted by news aktuell