Texon Group set for growth

The Texon Group have initiated a corporate reorganisation that will strengthen their financial stability. The reorganisation, subject to likely approval on August 22, 2003, will include the sale of United Texon (the main holding company of the Texon Group) to MatlinPatterson Global Opportunities Partners, a New York-based private equity firm with assets under management of $2.2 billion. MatlinPatterson hold major stakes in Huntsman, NRG and MCI. In addition, following a review of the group's operations and to provide a more customer-focused organisation, the group have created three divisions: safety footwear (Esjot(tm)) is now under the direction of Daniel Lereau and headquartered in Saverne. Kiran Gulati is responsible for sales and marketing and James Kiernan for finance. Crispin Dynamics(tm) CAD/CAM systems for shoemaking will continue to be located in Leicester, UK, and headed by Ruth Szybiak. Cellulose and non woven (Texon(tm)) will have Kiran Gulati in charge of worldwide sales and marketing, David Bradfield for finance and Stephen Bracegirdle for operations. To co-ordinate and develop the sales strategy and global account management, three regional sales directors have been appointed. They will report to Kiran Gulati and work with her to develop organisations and agencies in their territories. The appointments are: Paolo Civatti, Europe, Africa and the Middle East; Kari Makinen, Far East; Bob Gilliland, the Americas. The existing distribution companies (affiliate offices) will report into the relevant regional sales director.