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Fibertex Names Next CEO

August 16, 2006

Following the retirement of Knud Wæde Hansen, Fibertex’s CEO will Michael Meulengracht, who has worked for the Foss group of companies in Hillerød for the past four years. Most recently, he was responsible for sales via the group’s distributors.  Mr. Meulengracht graduated from the University of Copenhagen in 1986 with an MBA in Political Science and has subsequently earned an MBA from Columbia Business School in New York. Before joining Foss, he worked for McKinsey & Co and later for Holtug, Audon & Associates, which he left to become managing director of Gravquick A/S in Glostrup.

Mr. Meulengracht is looking forward to continuing the strong expansion of Fibertex that was initiated by Mr. Hansen in the mid-1990s and which has helped Fibertex develop from being a regional company with a turnover of approximately DKK 250 million to being a global company with a turnover of approximately DKK 1.4 billion. This expansion has taken place by introducing Fibertex to the hygiene industry in addition to strengthening its technical product platform and creating operations beyond Denmark, in Malaysia and Czech Republic.