Progress-Werk Oberkirch AG

Progress-Werk Oberkirch AG / Key word(s): Change of Personnel

20.05.2014 / 08:00


Oberkirch, May 20, 2014 - Yesterday, Progress-Werk Oberkirch AG held a festive ceremony for the retirement of Karl M. Schmidhuber, the Company's long-standing Chief Executive Officer. Close to 220 invited guests took part in this festive event at the Reithalle in Offenburg.

Karl M. Schmidhuber will retire from the Management Board of PWO AG at the close of the Annual General Meeting to be held on May 21, 2014. He has been a member of the Board since 1993 and the Company's Chief Executive Officer since 2004. In this time he was not only able to provide continuity to the Management Board but also was one of the longest-serving members of the Management Board in the Company's 95-year history.

During his time in office, PWO built the outstanding market position it enjoys today. The Group stands for technologically high-end metal components and subsystems, some of which are manufactured by the millions in series production. Vigorous internationalization and early positioning in lightweight construction have been the chief contributors to the acceleration in growth seen in the past several years during which the Company repeatedly achieved record revenues and earnings.

The Supervisory Board extends its thanks to Karl M. Schmidhuber for his tremendous entrepreneurial achievements: "Under his leadership, PWO's business model underwent important developments which built today's successful product range. At the same time, he positioned the Group globally. We wish him and his family all the best for the future", expressed Dieter Maier, Chairman of the Supervisory Board.

As already announced, Dr.-Ing. Volker Simon has been appointed as the successor. He will assume responsibility for the areas of Market and Technology and accept the role of Speaker of the Management Board as of July 1, 2014. The Supervisory Board is confident that Dr. Simon and his Management Board colleagues, Dr. Winfried Blümel (Production and Materials) and Bernd Bartmann (Administration and Finance) will continue with the Company's positive performance and enhance it even further.

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".



End of Corporate News


20.05.2014 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de



269242  20.05.2014