Press release

Armacell welcomes new CFO Wim Van Acker

Luxembourg, 1 March 2021 - Armacell, a global leader in flexible foam for the equipment insulation market and a leading provider of engineered foams, is pleased to welcome Wim Van Acker as Chief Financial Officer (CFO).

In this role, he will oversee the Group's financial strategy through capital structure optimisation, management of financial resources, taxation and risk, and efficient capital utilisation. Located at Armacell's global headquarters in Luxembourg, he will report directly to Patrick Mathieu, President and Chief Executive Officer (CEO) of the Armacell Group.

"I am delighted to welcome Wim to the Armacell family and I am confident that his experience will help further the company's growth", commented Mathieu. "He is a seasoned CFO and senior leader who brings 20+ years of extensive management know-how to Armacell."

Over the past five years, Van Acker was Group CFO of Deceuninck, a publicly listed company and global manufacturer of profiles for windows and doors. His previous experience includes various finance positions in private equity-owned companies such as Vitalo Group, a leading manufacturer of plastic parts, and Balta Group, an international producer of carpets and rugs.

"I am grateful for the opportunity to join Armacell, a truly global leader in advanced material technologies and energy efficiency around the world," said Van Acker. "I look forward to helping take Armacell to the next level as we drive profitable growth opportunities and develop value-generating solutions delivering practical benefits in many areas of people's everyday lives."

"I also wanted to thank Déborah Hutschemackers, Armacell's General Manager Group Controlling who served as interim CFO from 30 September 2020 to 28 February 2021, for supporting the company and the Management Board in this interim period," concluded Mathieu.

Fluent in Dutch, English and French, Van Acker holds a Master's degree in Commercial Engineering from the University of Leuven, Belgium and an MBA from Cornell University, USA.

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About Armacell

As the inventors of flexible foam for equipment insulation and a leading provider of engineered foams,
Armacell develops innovative and safe thermal, acoustic and mechanical solutions that create sustainable value for its customers. Armacell's products significantly contribute to global energy efficiency making a difference around the world every day. With 3,135 employees and 24 production plants in 16 countries, the company operates two main businesses, Advanced Insulation and Engineered Foams, and generated net sales of EUR 644 million and adjusted EBITDA of EUR 134 million in 2019. Armacell focuses on insulation materials for technical equipment, high-performance foams for high-tech and lightweight applications and next-generation aerogel blanket technology.

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