Head N.V. announced a two-stage process to consolidate offices and warehousing in the U.S.

In May 2003, the Head Tyrolia Wintersports business, currently located in Byfield Massachusetts will move to Norwalk, Connecticut, where the Company’s Mares/Dacor Diving business is located.

In May, the company’s Winter warehouse currently located in Massachusetts will be consolidated into the new, larger, state-of-the-art distribution center located in Jessup, Maryland.

The company will continue to operate its Racquet Sports business, including Penn Worldwide, out of Phoenix, Arizona where the world’s largest tennis and racquetball manufacturing facility is located.

Dave Haggerty, CEO of Head USA, commented: “This reorganization will simplify the way we do business in the United States. By consolidating common services across our three divisions — Wintersports, Racquet Sports and Diving, we can become both more efficient, and more effective, offering a better service to our dealers, and providing more career advancement opportunities for our employees. The consolidation will be complete by the end of June 2003.”