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Trex Company Announces Board Changes
In addition, Executive Vice President Roger A. Wittenberg has announced his intention to retire later this year, and thus will not seek re-election to the board when his current term expires in May.
Mr. Brunner's qualifications include broad-ranging financial and operational experience. He is currently president and chief executive officer of Spring Capital Inc., a Stamford, Conn.-based boutique merchant bank that he founded in 1985. Spring Capital manages venture capital that focuses primarily on investments in Europe, Argentina, and Chile.
Prior to founding Spring Capital, Mr. Brunner was president and chief operating officer of Crouse Hinds Co., a manufacturer of electrical and electronic equipment that was acquired by Cooper Industries in 1981. He joined Crouse Hinds in 1967 as director of mergers and acquisitions. He served as vice president of finance and treasurer from 1969 through 1972, and was appointed as president and COO in 1975. Following the acquisition of Crouse Hinds by Cooper Industries, he served as president and CEO of the U.S. subsidiary of Asea-Brown Boveri, a multi-national Swedish manufacturing company, from 1982 through 1984. He began his professional career with Coopers & Lybrand, where he was an audit supervisor from 1959 through 1967.
Mr. Brunner also serves on the board of Johnson Controls, a leading manufacturer of electronic controls and automobile components. He is a CPA with a BS in Accounting from the University of Buenos Aires and an MBA from Syracuse University.
"Paul Brunner's extensive background in finance, manufacturing, and corporate governance make him a welcome addition to our board," said President Robert Matheny. "In addition to his critical role on the audit committee, we also will benefit from his direct operating experience gained in running major companies and managing their brand development."
Until his retirement, Roger Wittenberg will focus his attention on Trex Company's ongoing need to find new sources of recyclable plastic. In 2002, Trex Company recycled more than 180 million pounds of plastic, and this amount is expected to continue to grow substantially. During the past two years, Mr. Wittenberg has spearheaded the design and construction of two large-scale recycling plants, in Spain and Virginia, with technology capable of reclaiming polyethylene that previously had been unusable. As a leader in the recycling industry, Mr. Wittenberg will devote his full-time effort to furthering this recycling-technology initiative. Following his retirement, he plans to continue to be involved in supplying recycled plastic to Trex Company.
"Everyone associated with the Trex Company owes a debt of gratitude to Roger for his central role in developing Trex(R) decking," continued Mr. Matheny. "It was his drive to find commercial uses for recycled plastic that led to the Mobil Corporation's original investment into what has now become the leading alternative to wood in the decking industry. The success of our proprietary manufacturing process is due in large part to his pioneering efforts. We look forward to his continued contributions as we widen our applications of the Trex process in the future."
About Trex Company
Trex Company is the nation's largest manufacturer of non-wood decking, which is marketed under the brand name Trex(R). Trex Wood-Polymer(R) lumber offers an attractive appearance and the workability of wood without the ongoing need for protective sealants or repairs. Trex decking and railing is manufactured in a proprietary process that combines waste wood fibers and reclaimed polyethylene and is used primarily for residential and commercial decking. The Company sells its products through 90 wholesale distribution locations, which in turn sell Trex decking to approximately 2,900 independent contractor-oriented retail lumberyards across the United States.
For a Trex decking and railing dealer near you, call 1-800-BUY-TREX (289-8739) or for dealers and product details, visit www.trex.com.
Trex(R) and Trex Wood Polymer(R) are trademarks of Trex Company, Inc., Winchester, Va.
The statements in this press release regarding the Company's expected sales performance and operating results, its projections of revenues and earnings, its anticipated financial condition and its business strategy constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are subject to risks and uncertainties that could cause the Company's actual operating results to differ materially. Such risks and uncertainties include the extent of market acceptance of the Company's products, the sensitivity of the Company's business to general economic conditions, and the highly competitive markets in which the Company operates. The Company's report on Form 10-K filed with the Securities and Exchange Commission on March 21, 2002 discusses some of the important factors that could cause the Company's actual results to differ materially from those expressed or implied in these forward-looking statements. The Company expressly disclaims any obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT: Trex Company, Inc.
Robert G. Matheny, 540/542-6300
or
Lippert/Heilshorn & Associates
John Nesbett or William Walkowiak, CFA
212/838-3777
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