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