Progress-Werk Oberkirch AG

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

22.05.2014 / 08:00

- 83 percent of share capital represented
- Dividend increased from EUR 1.60 to EUR 1.80
- Growth propelled by internationalization and lightweight construction expertise

Oberkirch, May 22, 2014 - Yesterday's 91st Ordinary Annual General Meeting of Progress-Werk Oberkirch AG approved all resolutions nearly unanimously with a majority of over 99 percent of the share capital represented. The agenda included the presentation of the adopted financial statements, the appropriation of profits, the discharge of members of the Management and Supervisory Boards, and the appointment of the auditor for fiscal year 2014.

At the Reithalle at the Kulturforum in Offenburg, PWO's Chief Executive Officer, Karl M. Schmidhuber, who entered retirement at the close of the Annual General Meeting after 21 years as a member of the Board, explained the key developments of fiscal year 2013 to shareholders, shareholder representatives, and guests. Next to his remarks on achieving record revenues and earnings, the focus of his comments was on the tremendous success of the Group's internationalization. The international presence will increasingly contribute to new business growth in the future, similar to the contribution we have seen from our expertise in lightweight construction which has been purposely expanded for several years. Already in 2013, more than half of the EUR 425 million in order intake received was attributed to lightweight components for passenger vehicles. PWO recognized lightweight construction's potential early on and established this within its product portfolio as a core component of its innovation management in both product and process development.

Through its state-of-the-art development center at the Oberkirch location and PWO's technical center (Technikum), an environment was cultivated which promotes employee creativity and supports the innovative capabilities throughout the entire process chain.

PWO continues to benefit from the lasting trend towards higher safety and more comfort in vehicles - a trend which exists regardless of the type of drive used. With this in mind, PWO offers its customers lightweight solutions with an excellent cost-benefit ratio and which are particularly suited to large series.

In 2014, the favorable trend in incoming orders for lightweight components continued and in the first four months of this year we have already reached a volume in excess of EUR 80 million.

Progress-Werk Oberkirch AG
The Management Board

PWO company profile
PWO is one of the world's leading developers and manufacturers of advanced metal components and systems in lightweight construction for automotive safety and comfort. The company has developed a unique knowledge in the forming and joining of metals over the course of its 95-year history since it was founded in 1919. The German location at Oberkirch currently employs over 1,500 staff members. The Group is globally represented with further sites in Canada, China, the Czech Republic, and Mexico and employs around 3,100 staff members around the world.

PW0 is a partner to the global automotive industry for the development and production of innovative products in the divisions "Mechanical components for electrical and electronic applications", "Safety components for airbags, seats and steering" and "Components and sub-systems for vehicle bodies and chassis".

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