ERWO Holding AG and Hoftex Group AG appoint Manuela Spörl to succeed Klaus
Steger as CEO effective March 2024

EQS-Media / 28.02.2024 / 09:16 CET/CEST

PRESS RELEASE

ERWO Holding AG and Hoftex Group AG appoint Manuela Spörl to succeed Klaus
Steger as CEO effective March 2024

Schwaig, Nuremberg/Hof, Germany, February 28, 2024 - ERWO Holding AG ('ERWO
Holding'), holding company of Südwolle Group, a leading manufacturer of
worsted yarns, and Hoftex Group AG ('Hoftex Group'), a group of medium-sized
companies in the textile industry, today announced the appointment of
Manuela Spörl (51) as new CEO effective March 1, 2024. In this function, she
will succeed Klaus Steger, who - as announced last year - will retire from
the Management Board of both companies as planned after reaching the age of
65 in accordance with internal policies of the family and the companies
regarding the retirement age. At the same time, Daniel Köster (44) will take
over the position of CFO from Manuela Spörl. This completes the change of
leadership at the top of both companies, which is characterized by
continuity. In the future, the Management Board of ERWO Holding and Hoftex
Group will consist of two people: Manuela Spörl and Daniel Köster.

Manuela Spörl has a degree in business administration and has been working
for Hoftex Group since 2000. Her professional career began in the Corporate
Controlling department, and in 2012 she was appointed Advisor to the
Management Board. In 2015, she was granted power of attorney, followed by
the appointment to CFO of the Hoftex Group in 2020 and CFO of the ERWO Group
in 2022.

Daniel Köster (44), a proven financial expert with a degree in business
administration, was appointed to the Management Board of ERWO Holding and
Hoftex Group last November. Köster has many years of extensive experience in
finance, accounting, treasury, taxes and controlling and most recently
served as Group CFO at Stiebel Eltron, a family-owned company based in Lower
Saxony, since the end of 2019, where he was also a member of the Management
Board.

For almost four decades, Klaus Steger has played a key role in shaping the
successful direction of the group of companies

Klaus Steger joined the company in 1985 and in 1990 was appointed to the
Management Board of ERWO Holding (then Südwolle OHG, from 1989 Südwolle AG
and since 2001 ERWO Holding). Already in the first years of his
approximately 40-year tenure, a number of strategically important decisions
were made for today's group of companies, for which he was responsible
together with his cousin Hermann Steger until the latter retired from the
company in 2008. These include the opening of new plants in Germany and
Europe, the company's expansion into China and Vietnam, the acquisition of
the Textilgruppe Hof in 1997 (rebranded in 2013 to Hoftex Group) and the
international expansion of the business unit technical textiles of TENOWO
GmbH as well as the acquisition of the Italian companies SAFIL and GTI in
2015. Under his leadership, the group expanded its production sites
worldwide and successfully launched numerous new brands. As a result, the
group of companies has grown since 1985 to around 4,000 employees today and
sales of EUR 665 million in 2022.

In the future, Klaus Steger will focus on his tasks within the International
Wool Textile Organisation (IWTO), where he was elected President in May
2023. His term of office in this association runs until 2026. IWTO sets
global standards in the wool textile industry. Since 1930, it has
represented the collective interests of the global wool trade and secures a
sustainable future for wool through research, education and knowledge
sharing. With 36 members in 24 countries, it represents all stages of the
value chain of wool textile production.

Manuela Spörl, future CEO of ERWO Holding and the Hoftex Group, said: 'Klaus
Steger has had a lasting positive impact on our entire group of companies,
both internally and externally. Thanks to his sound grasp of future
developments, coupled with a proximity to the industry, he has always set
important and, above all, the right entrepreneurial accents in a
continuously changing textile market in order to position our group of
companies for the future. The concerns and needs of our employees have
always been of particular importance to him. Employee satisfaction and good
working conditions in a socially acceptable environment at all locations
around the world have always been a matter of personal concern for him. On
behalf of the Management Board, I would like to thank Klaus Steger for his
nearly four decades of service on the Management Board of our group of
companies and wish him personally all the best as well as success and
fulfilment for all his future projects.'

# # #

About ERWO Holding AG

ERWO Holding AG acts as the umbrella company of the Südwolle Group, in which
the worsted yarn activities of the Group are combined, and as head of ERWO
Immobilien und Beteiligungen GmbH & Co. KG, in which the real estate
activities are operated. Furthermore, ERWO Holding AG holds a significant
stake in Hoftex Group AG.

About Hoftex Group AG

The Hoftex Group AG, headquartered in Hof (Bavaria), acts as holding for a
group of medium-sized companies in the textile industry. In 2022, the group
achieved consolidated sales of EUR 153.8 million and currently employs
around 1,000 people worldwide. The Hoftex Group has shaped the international
textile industry for around 170 years. The main activities of the group are
the production of raw and coloured yarns, the manufacture of technical as
well as decorative fabrics and the production of nonwovens for technical
applications and the clothing industry. In its three business units Hoftex
(yarns), Tenowo (nonwovens) and Neutex (home decoration), the group combines
production, research and development expertise that is unique in the textile
industry. The Hoftex Group AG maintains production locations in Germany,
Europe, North America and China and supplies its products to leading
companies in the automotive, textile and consumer goods industries including
retailers. The shares of Hoftex Group AG are listed in the small and mid-cap
segment m:access of the Bavarian Stock Exchange in Munich.

About Südwolle Group

Südwolle Group is a leading manufacturer of worsted yarns for weaving,
circular and flat knitted products in pure wool and wool blends. Founded in
1966 and based in Schwaig near Nuremberg, Südwolle Group employs around
3,100 people at its production sites in Germany, Bulgaria, China, Vietnam,
Italy, Poland and Romania. Within the product range Südwolle (weaving
yarns), Biella Yarn (flat knitting yarns), Yarn in Motion (circular knitting
yarns), Richter (hosiery yarns), Stöhr (technical yarns), GTI (luxury yarns)
and Soey (airjet yarns), the company produces large quantities of standard
yarns as well as individually developed qualities. With a global annual
production capacity of 26,000 tons in spinning, 11,000 tons in dyeing and
7,000 tons in wool finishing, Südwolle Group achieved a sales volume of EUR
508 million in 2022.

Press Contact

Charles Barker Corporate Communications GmbH

Tobias Eberle, +49 69 79 40 90-24

Dr. Tobias Anslinger, +49 69 79 40 90-41

SWGHTG@charlesbarker.de


End of Media Release

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Issuer: Hoftex Group AG
Key word(s): Enterprise

28.02.2024 CET/CEST Dissemination of a Press Release, transmitted by EQS
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   Language:       English
   Company:        Hoftex Group AG
                   Fabrikzeile 21
                   95028 Hof
                   Germany
   Phone:          ++49 9281 49-0
   Fax:            ++49 9281 49-216
   E-mail:         IR@hoftexgroup.com
   Internet:       www.hoftexgroup.com
   ISIN:           DE0006760002
   WKN:            676000
   Listed:         Regulated Unofficial Market in Munich (m:access)
   EQS News ID:    1846713

End of News EQS Media
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1846713 28.02.2024 CET/CEST