PWO concludes takeover of Cartec, Mexico

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Oberkirch, May 16, 2008 - Progress-Werk Oberkirch AG has closed the
deal for the takeover of Mexican automotive supplier Cartec S.A de
C.V., Puebla. The company's plans to increase its ownership interest
to 100 per cent had been announced on April 4, 2008. Prior to this,
PWO had acquired a 60 per cent stake in Cartec in January 2007.
The purchase price for the second stage of the acquisition is within
the lower single-digit million-dollar (US) range, with PWO benefiting
from the favourable exchange rate between the dollar and the euro.
The takeover will be financed from existing funds and has already
been accounted for in the company's investment budget for the current
financial year.
Cartec employs 360 people. The growth target for revenue in 2008
stands at approx. 15 per cent, which would take this figure to around
USD 33 million.

Progress-Werk Oberkirch AG
The Management Board

Contact: Bernd Bartmann, Member of the Management Board
Tel.: +49 7802 / 84-347
Fax: +49 7802 / 84-789
E-mail: bernd.bartmann@progress-werk.de

PWO company profile: On the way to becoming a global automotive
supplier
PWO has established itself as one of the world's leading suppliers of
high-end metal components and subsystems for automobile safety and
comfort. Drawing on its experience spanning almost 90 years since the
company's inception in 1919, PWO has amassed a wealth of knowledge
within the field of metalforming. Progress-Werk Oberkirch AG has a
workforce of approx. 1,100. Operating additional sites in Canada, the
Czech Republic, China and Mexico, the Group is represented worldwide
and employs some 1,800 people.

As a partner to the automobile industry, PWO develops and produces
tailor-made solutions in volumes reaching several million units, all
of which are supplied just-in-time and in zero-defect quality.
Working in close collaboration with its customer base, the Group is
expanding its international production sites with a view to extending
its reach as a supplier to foreign markets. PWO's initial target is
to propel Group sales revenue from EUR 260 million in 2007 to EUR 350
million in 2010. The Group also plans to pursue a strategy of growth
beyond this date.

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Progress-Werk Oberkirch AG
Industriestrasse 8 Oberkirch

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696800; ISIN: DE0006968001; Index: CLASSIC All Share, Prime All
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