HP Pelzer Group: New COO and Speaker of the Board Announced

WITTEN, Germany, June 27 --

HP Pelzer Group ready for next step in restructuring process:

- Financial and operational restructuring plan progressing ahead of schedule

- Martin Kunzmann, an experienced operational manager with a strong track record in the automotive and industrial sectors, to become new COO and speaker of the management board

- After having stabilized the company, interim CEO Peter Briggs to step down from CEO role

- Kay Michel and Marc Bradley to remain in their positions as, respectively, CRO and CFO of the Pelzer Group

HP Pelzer Group, the global Tier 1 automotive supplier, today announced that Pelzer's restructuring plan is progressing ahead of schedule and that the company has now been stabilized both operationally and financially. The company is now in a position to attract top management talent to the board to drive the next phase in the company's restructuring plan. Martin Kunzmann will become the new Chief Operating Officer (COO) and speaker of the management board of HP Pelzer. Mr. Kunzmann was previously a member of the board of FAG Kugelfischer as well as the CEO of FAG Kugelfischer's Industrial Division. Prior to that, he was the CTO of the CLAAS Group and general manager of Liebherr. Kunzmann was also CEO of the automotive logistics service provider Microlog.

Peter A. Briggs, interim Chief Executive Officer (CEO) of HP Pelzer Group and a Managing Director of the global turnaround management firm Alvarez & Marsal, said: "With an experienced industry executive of the calibre of Martin Kunzmann joining the company, and a sound financing structure, Pelzer is now well positioned for long-term growth. We are very pleased to have attracted a leader with such an outstanding track record in the automotive industry. This transition to permanent management is another compelling signal of increased stability at Pelzer to our customers, suppliers, and employees, who together have supported the company through a difficult past year. Since the announcement of the financial restructuring on May 4th, relationships with our OEM customers and suppliers have been stabilized, with Pelzer again recognized as a technology leader and reliable partner in our industry segment globally."

"I am extremely happy to be on board. We now have to refocus on our customers and our technology in order to move Pelzer forward," Martin Kunzmann said. "The company now has the opportunity to concentrate on improving its operating performance to better serve its customers after the financial restructuring has been completed."

"As the largest shareholder in the Pelzer Group, we are very excited about the appointment of Martin Kunzmann. We believe that under Martin's leadership we will see the company show customer focus, strong technology-driven growth, and operational stability in the coming years. We are very grateful for the work A&M has done so far at the Pelzer Group, and we will continue to rely on them until we have been able to fill the remaining senior management slots at Pelzer," a Goldman Sachs spokesperson said.

Having stabilized the Pelzer Group, Briggs will step down from the CEO role at Pelzer, handing over operational responsibility to Martin Kunzmann. Dieter Loewe will continue to be responsible for sales and marketing until a successor is found. HP Pelzer's shareholders expect to name the remaining long-term senior managers over the course of the coming months.

About HP Pelzer

HP Pelzer is one of the leading suppliers of automotive interior trim and acoustic components to the major automobile producers worldwide. Its product range includes insulation components, carpeting, interior trim, and trunk systems for passenger cars. The group employs a workforce of approximately 4000 people at 34 locations in 18 countries in Europe, North and South America, and Asia.

    
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Media Contact: Roland Klein, Email: roland.klein@cnc-communications.com, Phone: +44-(0)-20-7557-9988, Mobile: +44-(0)-7776-162997; Markus Wieser, Email: markus.wieser@cnc-communications.com, Phone: +49-(0)-30-520026-106, Mobile: +49-(0)-172-812-6357