Exel strengthens the management of Exel Sports Brands

EXEL OYJ STOCK EXCHANGE RELEASE 5.11.2007 at 14.00 1 (1)

Exel strengthens the management of Exel Sports Brands

Exel Sports Brands (ESB) has since 2006 gone through substantial changes; outsourcing of assembling of poles and floorball sticks to China, logistics in Finland and move to new, from Exel Oyj independent, offices in Vantaa, Finland. In addition a heavy downsizing of the German operation has taken place. The experience from the outsourcing and logistics has not been satisfactory and the sales have not developed as anticipated. It is therefore necessary to make a turn around of the operation with the focus on concentrating sales and restoring profitability by a.o. adjusting the organization to the new situation as well as review the sourcing and logistic situation to better match the market needs and to shorten lead times and to reduce overstocks.

To make the necessary adjustments as efficient as possible Olli E. Juvonen has been appointed CEO of Exel Sports Oy and Manager of the Sport Division as from 6 November 2007. Aki Karihtala’s assignment as CEO of Exel Sports Oy expires on the same date and a discussion concerning his next assignment is in progress.

Juvonen has over 20 years’ experience from running turn around projects as CEO with success in similar situations. He has a degree from the Swedish School of Economics and Business Administration in Helsinki.

Vantaa, 5 November 2007

Göran Jönsson
President and CEO


Further information:
Mr. Göran Jönsson, President & CEO, tel. +46 708 430 110, or email goran.jonsson@exel.fi
Mr. Ilkka Silvanto, CFO, tel. +358 50 598 9553, or email ilkka.silvanto@exel.fi


DISTRIBUTION
Helsinki Stock Exchange
Main news media
www.exel.net


Exel is a technology company which designs, manufactures and markets composite profiles and tubes for industrial applications and sports equipment. Exel’s operations consist of two divisions: Exel Composites, the Industry Division of Exel, and Exel Sports.

The personnel's expertise and high level of technology play a major role in Exel's operations. The core of the operations is based on own, internally developed composite technology, product range based on it and the domination of selected market segments with a strong quality and brand image. The company's growth is based on permanent search of new applications and development in co-operation with customers. Exel concentrates on niche segments and on profitable growth. Exel’s share is listed in the Mid Cap segment of the Helsinki Stock Exchange’s Nordic list.