Progress-Werk Oberkirch AG: PWO's Virtual Annual General Meeting approves all agenda items with large majorities

DGAP-News: Progress-Werk Oberkirch AG / Key word(s): AGM/EGM
19.05.2021 / 18:43
The issuer is solely responsible for the content of this announcement.

 

Oberkirch, May 19, 2021 - PWO AG held its 2021 Annual General Meeting virtually, which was the second time the Annual General Meeting was held in this format as a precaution due to the pandemic. Around 65 percent of the share capital was represented.

In his speech, CEO Carlo Lazzarini reported to the shareholders on the Group's successful management in the 2020 fiscal year, which was dominated by the corona pandemic, and the encouraging first quarter of 2021. As communicated on April 23, 2021, the good start into the new year made it possible to significantly increase the forecast for business development in the current year.

At the center of his comments was a summary of PWO's updated Equity Story, which highlights the Group's strategy and positioning. Under the slogan "People, Planet, Progress" we use our technological leadership at the boundaries of what is technologically feasible in metal forming and joining technology to serve our customers and business partners. Responsibility is at the heart of everything we do. We see our business as a "Force for Good, as our contribution to a positive development in the future for the benefit of our customers, employees and shareholders as well as our environment.

We make steel light. Steel is 100 percent recyclable and has a significantly better CO2 footprint in production than carbon fiber-reinforced plastics, for example. An ever-growing number of customers are replacing plastic solutions with steel solutions from PWO, not only because they are more sustainable but also because of their greater functionality and safety, in many cases without adding weight. Additionally, we have also set ourselves distinct environmental goals at our locations with clearly defined milestones. The Oberkirch location, for example, is anticipated to be CO2-neutral by 2026, and the entire Group by 2030. The further digitalization of all processes will make a decisive contribution to achieving these as well as our other goals.

In his comments, Carlo Lazzarini explains: "We have a strong position in the three future mobility trend areas - electrification, safety and comfort. PWO will therefore benefit from the transformation taking place in the mobility industry and, moreover, has the potential to penetrate new markets.

The questions submitted by shareholders in advance of the Annual General Meeting related particularly to the consequences of the corona pandemic and PWO's sustainability strategy, as well as to the dividend policy and remuneration system.

The entire Annual General Meeting was broadcast live on the Internet for registered shareholders and guests. The agenda included the presentation of the financial statements for the 2020 fiscal year and the resolutions on the discharge of the management and the election of the auditor. In accordance with the Act Implementing the Second Shareholders' Directive, the adoption of resolutions on the approval of the remuneration system for Executive Board and on the remuneration of the Supervisory Board members was also required. As a result of the reported loss in the 2020 fiscal year, there was no adoption of a resolution on the appropriation of profits.

All resolution proposals were adopted by the Annual General Meeting. Details of the voting results have been made available on PWO's website at https://www.progress-werk.de/en/investors-press/annual-general-meeting/.

Progress-Werk Oberkirch AG
The Executive Board

Company Profile PWO
PWO is a partner to the global mobility 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 lightweight construction, we contribute to environmentally friendly driving and greater distances.

All of the Group's more than 1,000 products contribute to electrification and safety as well as comfort. More than 90 percent of revenue is independent of combustion engines. Approximately 3,000 employees on three continents at five production sites and three assembly plants ensure the highest level of delivery reliability and quality.



19.05.2021 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.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de



show this

Managing your cookie settings

To provide you with the best website experience, we use cookies. These are small text files that are stored on your computer. These include cookies for the operation and optimization of the site as well as for services such as the use of text or video chat and for advertising based on your online usage behavior. For example, it can be recognized if you repeatedly visit our pages from the same device. We would like to give you the choice which cookies you allow:

Show details

Required cookies
These cookies are necessary for you to navigate through the pages and use essential functions.

They enable basic functions, such as the article request and access to the product finder.

Analytical cookies
These cookies help us to better understand user behavior.
Analytical cookies enable the collection of usage and recognition data by first or third-party providers, in so-called pseudonymous usage profiles. For example, we use analysis cookies to determine the number of individual visitors to a website or service, as well as to analyze user behavior on the basis of anonymous and pseudonymous information about how visitors interact with the website. It is not possible to draw any direct conclusions about a person.

Further information