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PROGRESS-WERK OBERKIRCH AG

(PWO)
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Progress-Werk Oberkirch AG: PWO stńrkt Fokus auf den chinesischen Markt weiter

05/25/2021 | 05:16am EDT

DGAP-News: Progress-Werk Oberkirch AG / Key word(s): Personnel
Progress-Werk Oberkirch AG: PWO stärkt Fokus auf den chinesischen Markt weiter

25.05.2021 / 11:14
The issuer is solely responsible for the content of this announcement.


- New CEO of PWO China takes up his duties today
- PWO's market presence in China to expand even faster in the future

Oberkirch, May 25, 2021 - PWO welcomes Gary Guo as the new CEO of its Chinese subsidiary, PWO High-Tech Metal Components (Suzhou) Co., Ltd. He is assuming his duties today as the successor to Steven Liu, who successfully led the company through the corona pandemic and will seek other challenges outside of the Group.

Gary Guo has extensive experience in the mobility industry. Over the past two decades, he has held a variety of management positions at Bosch and Continental, as well as at the US industrial group Enerpac Tool Group (formerly Actuant). He combines a deep understanding of the market and customer requirements in our industry with great enthusiasm for the opportunities and prospects of future mobility.

We plan to expand our business in China over the next few years, making it a key driver of the PWO Group's growth. Gary Guo is the ideal leader to implement these goals. He will continue to strengthen the core competencies of our Chinese locations and expand their technological capabilities even more.

Underlying our plans for high growth is the broad range of solutions already manufactured at our Chinese locations in Suzhou and Shenyang. With innovative lightweight solutions and the utmost in delivery reliability and quality over the entire life cycle of series production, we have earned a strong reputation in the market. This was proven to us once again in April by our customers and the numerous new contacts we made at Auto Shanghai, the leading trade show for the automotive industry in Asia.

Progress-Werk Oberkirch AG
The Executive Board

Company Profile PWO
With our innovative lightweight solutions, we are the preferred partner of the global mobility industry. As an engineering house, we are constantly driving forward the development and production of sophisticated metal components and complex subsystems.

Under the slogan "People, Planet, Progress", we use our technological leadership at the boundaries of what is technologically feasible in metal forming and joining 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 for our environment. To this end, we are focusing on digitalizing all of our processes using the tools of the fourth industrial revolution.

We address the three areas of the mobility of the future: electrification, safety and comfort. More than 90 percent of our revenues is independent of combustion engines. Around 3,000 employees at five production locations and three assembly sites on three continents ensure maximum delivery reliability and quality.



25.05.2021 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


Language: English
Company: Progress-Werk Oberkirch AG
Industriestraße 8
77704 Oberkirch
Germany
Phone: +49 (0)7802 84-844
Fax: +49 (0)7802 84-789
E-mail: ir@progress-werk.de
Internet: www.progress-werk.de
ISIN: DE0006968001
WKN: 696800
Listed: Regulated Market in Frankfurt (Prime Standard), Stuttgart; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Tradegate Exchange
EQS News ID: 1200310

 
End of News DGAP News Service

1200310  25.05.2021 

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Sales 2021 443 M 519 M 519 M
Net income 2021 10,4 M 12,2 M 12,2 M
Net Debt 2021 112 M 131 M 131 M
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Yield 2021 3,71%
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Technical analysis trends PROGRESS-WERK OBERKIRCH AG
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Mean consensus BUY
Number of Analysts 2
Last Close Price 30,00 €
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Spread / Average Target 6,33%
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Carlo Lazzarini Chief Executive Officer
Cornelia Ballwie▀er CFO, Head-Finance & Administration
Karl M. Schmidhuber Chairman-Supervisory Board
Johannes Obrecht Chief Operating Officer
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