Tytex & STA to develop advanced industrial textile products

12 Jul '06

3 min read

“We are not combining the two companies in order to produce the standard tough-action cost synergies. We intend to exploit the fact that the two companies both develop and manufacture advanced textiles based on a high knowledge content and close partnership with customers. Also, both operate in markets driven by innovation.”

“That is why the two companies can learn from each other's experience and together build a global platform and a broader range of solutions to offer our customers. By combining the two technologies, we will also be able to design entirely new products to spur growth,” said Christian Møller, Partner with LD Equity, and Poul Martin Mikkelsen, Chairman of the Board of Jacob Holm & Sønner A/S in a joint statement.

The new company will bear the name of Jacob Holm & Sons STA, whereas Tytex Group will continue as a subsidiary under its own name and with its own brands. Poul Martin Mikkelsen, owner of Jacob Holm & Sønner A/S, will be appointed chairman of the board of directors of Jacob Holm & Sons STA with Christian Møller, Stig Løkke Pedersen, Executive Vice President of H. Lundbeck A/S, and Martin Mikkelsen, attorney, as the other board members.

CEO of Jacob Holm & Sons STA will be Peter Aggersbjerg, who was the CEO of Tytex from 2001 until April 2006. He orchestrated the company's successful transition from a contract manufacturer to an innovative, market-driven Health Care company. Per Gernow will stay on as CEO of Tytex.

Jacob Holm & Sønner A/S' other activities in the production of non-wovens for applications within personal hygiene, cosmetics and cleaning, etc. will continue without change and are expected to become an important business partner to Jacob Holm & Sons STA.

TYTEX A/S

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