UPPLANDS VASBY, Sweden, Aug. 30, 2002 (PRIMEZONE) -- The Board of Directors of KMT has appointed Lars Bergstrom as the company's new President. He will succeed Bjorn Kumlin on 1 January 2003 who, in accordance with his agreement, will retire after seven years as President of KMT.
Lars Bergstrom, 44, is an engineering graduate of the Royal Institute of Technology and holds a Master's degree in Business Administration from Uppsala University. He has worked at ABB throughout his professional life, mainly within the company's robotics operations. Bergstrom is currently president of ABB's Automation Technology Products Division, which reports sales of approximately SEK 8 billion.
Lars Bergstrom will take over as President on 1 January 2003.
"Lars Bergstrom is the new highly-qualified President of KMT. He has extensive experience of the engineering industry and has been successfully involved with developing the robotics operations in ABB. I look forward to working with Lars," said KMT's Chairman Tomas Billing."
"It is a great challenge to be entrusted to lead KMT and I look forward to taking up my new duties. My ABB background will be very useful in my work in the further development of KMT's operations," said Bergstrom.
"I have enjoyed seven exciting and interesting years in KMT and I am happy to hand over to Lars Bergstrom who has a very solid and relevant background," commented Bjorn Kumlin.
"Bjorn Kumlin and his management team have developed KMT into a company which reports sales of more than SEK 1 billion. This is a four fold increase in seven years. Bjorn Kumlin was in charge of KMT's flotation on the stock market in 1998. He was also responsible for the company's most recent acquisition, LMT, which means that product area Precision Grinding now accounts for more than half of KMT's sales. I and the other Board Members would like to thank Bjorn for these years and wish him every success in his role as a board member on various other company boards when he hands over the presidency to Lars Bergstrom at the turn of the year," said Tomas Billing.
For further information, please contact: Tomas Billing, Chairman, +46 8-788 50 18 Bjorn Kumlin, +46 8-594 211 50 Lars Bergstrom, +46 70-534 44 02
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