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Timberman and Amorim have entered into a Joint-Venture. The goal is to become leader within the Wood and Cork flooring market in Denmark.

Today, Timberman is already known for its strong brand recognition within the wood flooring segment. Timberman's range of wooden floors comprises
traditional parquet flooring and plank floors as well as more specialized products such as Marineplank, Wideplank and Slotsplank. Amorim, with its
premium brand Wicanders®, is known for its strong position within the Cork flooring segment.

Wicanders®' cork-based floors offer a wide range of attractive floating-Loc and glue-down solutions for both residential and commercial market segments. Due to the sound and heat insulating layer of cork they are much more comfortable and noiseless to walk on than other floors and they have a sound attenuating effect on the entire room.

Starting from June 1st, Timberman and Amorim have agreed to fully integrate Wicanders® flooring and all sales and marketing activities into Timberman's organisation in Hadsund.

As a consequence of the new established Joint-Venture between Timberman and Amorim, Amorim Revestimentos S.A. - has acquired all "Industrial Development (private equity) shares" in Timberman and now holds 50 per cent of the shares in Timberman following an issue of new shares. Amorim Revestimentos S.A. is part of the Portuguese Amorim Group, which is the largest producer of cork in the world and holds 70 per cent of the world market
for cork-based floorings.

"Our aim is to further enhance our market leading role on the Danish flooring market through branding of both Timberman's wooden floors and Wicanders®' cork floors. In the future, all products will therefore be sold and marketed under their existing brand names and the distribution will also be more or less unchanged", says Keld Jensen, CEO of Timberman.

In terms of organization, Keld Jensen and Bjarne Pedersen from Timberman will still own 50 per cent of Timberman Denmark A/S and they will make up the Executive Board of the company with Keld Jensen as CEO in charge of the day-to-day management.

Amorim's Danish sales-department in Greve will be closed and fully integrated in Timberman's organization in Hadsund. Both Danish Wicanders® sales consultants - Poul Kristensen and Jakob Melvang - will join Timberman's sales organization.