Progress-Werk Oberkirch AG: Shareholders commend PWO's business development

DGAP-News: Progress-Werk Oberkirch AG / Key word(s): AGM/EGM

24.05.2018 / 08:30
The issuer is solely responsible for the content of this announcement.


- Election of new Supervisory Board members as proposed
- Dividend increases from EUR 1.60 to EUR 1.65

Oberkirch, May 24, 2018 - At yesterday's 95th Ordinary Annual General Meeting, the Management Board of Progress-Werk Oberkirch AG reported on the key developments during the 2017 fiscal year and the results of the current strategy review.

By regularly analyzing and reviewing our strategic focus, we also leverage external industry expertise and closely engage our major clients. They see PWO as a benchmark in several product groups. The review also shows that our entire range of products and services should continue to be in great demand in the future. The automotive megatrends, such as electromobility and autonomous driving, reinforce and further boost this potential.

At the end of this year's Annual General Meeting, the terms of office of the members of the Supervisory Board elected by the Annual General Meeting came to an end. After Supervisory Board membership of 21 and 15 years, respectively, Ulrich Ruetz and Dr. Gerhard Wirth no longer stood for re-election.

In addition to the two previous members, Dr. Georg Hengstberger and Karl M. Schmidhuber, shareholders followed management's proposal and elected Carsten Claus, retired Chairman of the Board of Kreissparkasse Böblingen, and Dr. Jochen Ruetz, Managing Director/CFO and Member of the Board of Directors of GFT Technologies SE, to the Supervisory Board. The resolution on the increase in the dividend and regular agenda items were also pending a vote.

The shareholders approved the proposals of management with majorities of more than 98 percent of the represented share capital and thus adopted all draft resolutions almost unanimously. The main focus of the debate were the upcoming very large new series productions and the positive growth prospects for the group resulting from these.

Progress-Werk Oberkirch AG
The Management Board

PWO company profile
PWO is a partner to the global automotive industry for the development and production of advanced metal components and subsystems using lightweight construction. The Group has developed a unique knowledge in the forming and joining of metals over the course of its almost 100-year history since it was founded in 1919. With our expertise in cost-efficient lightweight construction, we contribute to environmentally friendly driving and greater distances.

All of the Group's more than 1,000 products contribute to automotive comfort and safety. More than 90 percent of revenue is independent of the vehicle's type of drivetrain. Approximately 3,400 employees on three continents at five production sites and four assembly plants ensure the highest level of delivery reliability and quality.

24.05.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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