Exel has decided to incorporate the marketing, sales, logistics and product development operations for its Sport division’s consumer products (Nordic Fitness Sports, floorball and winter sports) into a separate company, Exel Sports Oy. The new company, a wholly-owned subsidiary of Exel Oyj, will begin operating on 1 April 2005 and a Managing Director has been appointed to the new company. It will have the goal of boosting Exel’s resources in the business area, further developing the growing Nordic Walking business and continuing the business’ vigorous international expansion.

Mika Sulin, 46, has been appointed Managing Director of Exel Sports Oy. A member of Exel Oyj’s Board of Directors since 1997, Sulin has extensive international experience of the sporting goods business, based on his time at Salomon and as Managing Director of Nike Central and Eastern Europe and Nike Nordic Countries. Most recently, he was Managing Director of JHC Arena Holding Oy and Managing Partner as well as Managing Director of Hartwall-Areena. He will begin his new duties on 1 June 2005.

Aki Karihtala, Vice President, Sport division, will continue his duties in Exel’s sporting goods business. These duties involve strategic development of sports concepts, such as Nordic Fitness SportsTM, floorball and winter sports. Mr. Karihtala will provide further support to the company’s businesses by assisting the newly-founded Exel Sports Oy in marketing and collections’ development projects.

“These new arrangements will streamline our operations and give me more time to focus on comprehensive further development of Exel’s Sport business”, explains Mr. Karihtala. “I have known Mika Sulin for several years and am confident that our combined professional skills and experience in the international sporting goods business will prove to be considerable assets to Exel, contributing to the further enhancement of its Sport business.”

“Exel has successfully developed a strong sport and fitness product portfolio, going beyond product manufacture to offer entire concepts. It seeks to evolve into a strong international player and a competitive marketing and sales organisation. My long familiarity with the company’s operations, products and staff motivated me to accept this extremely challenging and highly interesting task. I can also offer my extensive international experience and broad network of industry contacts to Exel, in support of its long-term goals and strategies”, says Mr. Sulin.