FLS Aerospace Management

Mr Stephen Henderson has decided to resign from his position as Chief Executive Officer of FLS Aerospace by the end of January 2002 to be able to spend more time with his family in the United States. Meanwhile, Stephen Henderson will continue with FLS Aerospace as a member of its Board of Directors.

The Board of Directors appreciates Stephen Henderson's great efforts over the past nearly two years during which he has served the Company and led its restructuring process to enhance efficiency and profitability across the organisation.

Mike Humphreys will be appointed acting Chief Executive Officer until a new CEO is ready to take up the position. Together with the rest of the FLS Aerospace management team, Mike Humphreys will continue the process towards profitability and the necessary adjustments previously announced. Mike Humphreys, 37, has a background in aeronautical engineering and has been active in the aerospace industry for more than 15 years. He joined FLS Aerospace nine years ago, and during the past eighteen months he has played an active role in the company's vigorous turnaround process.

A replacement for the post of Chief Executive Officer will be found as quickly as possible. Talks are taking place with several prospective candidates and an agreement is likely to be reached within a short time.

FLS Industries A/S
Corporate Public Relations