EANS-News: Progress-Werk Oberkirch AG / PWO: AGM passes all resolutions

- Harmonious 87th Ordinary AGM

- Shareholders support growth strategy

- Various capital increase options approved

- Supervisory and Management board discharged by large majority

- Good start to the 2010 financial year has continued

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Annual & Special Corporate Meetings

Subtitle: - Harmonious 87th Ordinary AGM
- Shareholders support growth strategy
- Various capital increase options approved
- Supervisory and Management board discharged by large majority
- Good start to the 2010 financial year has continued

Oberkirch (euro adhoc) - Oberkirch, May 26, 2010 - The 87th Ordinary
AGM of Progress-Werk Oberkirch AG at the company's headquarters in
Oberkirch proceeded harmoniously, and all resolutions were passed
with large majorities. The Supervisory and Management boards were
also discharged by a large majority.

In the presence of around 200 shareholders, shareholder
representatives and guests gathered at the Erwin-Braun-Halle in
Oberkirch, Karl M. Schmidhuber, CEO of Progress-Werk Oberkirch AG,
explained the key developments of the 2009 financial year. Following
the unparalleled sales plunge in the automotive industry at the end
of 2008 due to the financial and economic crisis, in the 2009
financial year PWO primarily concentrated on dealing with the
consequences of this crisis, and on averting permanent damage to the
company. In this context, extensive and consistent adjustment
measures allowed Group earnings (EBIT) to be continually improved
over the course of the year, enabling a clearly positive EBIT to be
achieved again by as early as the fourth quarter of 2009. In overall
terms, PWO managed to steer its way through one of the most difficult
years in its his-tory, to secure core workforce jobs, and to maintain
the full scope of the Group's growth prospects.

The 2010 financial year started on a better than anticipated note.
Compared to the extremely weak prior-year quarter, revenue and total
output in the first quarter of 2010 were up by 48.4 percent to EUR
61.4 million, and by 50.7 percent to EUR 64.8 million respectively. A
significantly positive result for the period of EUR 1.6 million
(previous year: EUR -4.6 million) reflected higher business volumes,
and consequently also stronger capacity utilisation, as well as the
far-reaching cost-reduction measures implemented in 2009, which
continue to exert an effect. This positive trend has continued during
the weeks since the end of the first quarter. This underpins the
target of a positive net profit for the year in the 2010 financial
year, presupposing that there is no renewed economic crisis.

CEO Karl M. Schmidhuber commented as follows: "PWO regards itself as
optimally equipped to structure future growth irrespective of our
sector's normal cyclical fluctuations. Our significantly expanded
international presence, innovative solutions in new product areas,
and our recognised quality philosophy represent our growth drivers in
the competitive environment."

Resolutions approved by a large majority The resolution on the
allocation of net income of Progress-Werk Oberkirch AG was approved
by a ratio of more than 99 percent. Both the Management and
Supervisory boards were discharged with an approval ratio of more
than 99 percent. The same applies to the confirmation of Ernst &
Young GmbH Wirtschaftsprüfungsgesellschaft, Stuttgart, as the auditor
of both Progress-Werk Oberkirch AG and the Group.

The management had proposed the approval of various capital increase
options, including an authorisation to issue option and convertible
debentures. All of the proposals were accepted by shareholders with a
share of more than 99 percent. These provisory resolutions provide
the company with financing flexibility over the next few years,
during which growth of around 15 percent per annum is expected. In
connection with these approvals, the nominal value per share was
increased from EUR 2.56 to EUR 3.00 out of shareholder funds.

The bylaw amendment relating to the remuneration of Supervisory Board
members, and the bylaw adaptation to reflect the Shareholder
Guidelines Implementation Act (ARUG), were approved by majorities of
more than 99 percent.

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 unique knowledge in the forming and joining of
metals over the course of its 90-year history since it was founded in
1919. The German location at Oberkirch today employs around 1,100
staff members. The Group is globally represented with further sites
in China, Canada, Mexico and the Czech Republic, and employs around
1,900 staff 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".

Series orders currently on hand will result in significant growth at
all sites over the next two years, irrespective of full market
recovery.

end of announcement euro adhoc
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ots Originaltext: Progress-Werk Oberkirch AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Bernd Bartmann (CFO)

Phone: +49 7802 / 84-347

Fax: +49 7802 / 84-789

e-Mail: bernd.bartmann@progress-werk.de

Branche: Automotive Equipment
ISIN: DE0006968001
WKN: 696800
Börsen: Frankfurt / regulated dealing/prime standard
Berlin / free trade
Hamburg / free trade
Stuttgart / free trade
Düsseldorf / free trade
München / free trade