Progress-Werk Oberkirch AG: PWO conducts its first-ever virtual Annual General Meeting

Oberkirch, July 29, 2020 - For the first time, PWO has held its Annual General Meeting in a purely virtual form in order to protect the health of all those involved and ensure that the meeting could be held as scheduled.

In his speech, CEO Dr. Volker Simon reported to the shareholders on the 2019 fiscal year and gave a detailed account of the developments in the first half of 2020 along with an explanation about the effects of the corona pandemic on the Group and the measures taken to limit the impact.

He added: "PWO had a successful start to the new fiscal year with a solid first quarter and, as previously reported, was able to steer the unprecedented business slump in the second quarter from a position of strength."

In addition to the dividend policy, the questions submitted in advance by shareholders also concerned, in particular, the corona pandemic and its consequences for the employees, the locations and the product areas. All of the questions submitted were answered during the meeting.

The entire Annual General Meeting was visually and audibly broadcast live on the Internet for registered shareholders and guests. The agenda included the appropriation of retained earnings, the resolutions on the discharge of the management, the election of a new auditor based on the statutory rotation requirement, the creation of new authorized capital and the amendment to the Articles of Incorporation to align with the Act on the Implementation of the Shareholders' Rights Directive ("ARUG II").

All resolution proposals were approved by the Annual General Meeting. The detailed voting results are available on the PWO website. The Annual General Meeting also approved the proposal to waive the payment of a dividend in the current year. KPMG AG Wirtschaftsprüfungsgesellschaft, Stuttgart, was elected as the new auditor, replacing Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft, Stuttgart.

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 more than 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 3,000 employees on three continents at five production sites and four assembly plants ensure the highest level of delivery reliability and quality.