New Hermes Group President
February 26, 2003
FOR IMMEDIATE RELEASE

Contact: Stephen Durr (757) 486-6623

Hermes Schleifmittel GmbH & Co. KG, located in Hamburg, Germany, announce the reorganization of the General Management to prepare the Group for future market challenges.

Mr. Stefan Jaenecke joins the General Management in the position of Managing Director and Group President. Mr. Jaenecke formerly held a leading position with SAPPI, a large international paper producer. Mr. Jan-Volkmar Runge will continue in his position as a Managing Director.

The Hermes Group is a privately owned international manufacturer of industrial abrasives with over 1,700 employees globally. Hermes Abrasives, Ltd., located in Virginia Beach, Virginia, is an affiliated company of Hermes Schleifmittel GmbH.

The Hermes Group is one of the largest producers of coated abrasives worldwide, with a strong commitment to excellence through continuous improvement.