FRIGOGLASS S.A.I.C.

Frigoglass announces the appointment of new Managing Director

Frigoglass announced today that Mr. Dimitris Lois is to step down from the position of Managing Director and member of the board, and that Mr. Petros Diamantides, currently serving as Corporate Development & Strategy Director, will be appointed in his place. To ensure a seamless transition, Mr. Lois will remain with the Company until May 28th, 2007, the effective date of this change.
Petros Diamantides joined Frigoglass in 1998 as General Manager of the Indonesia Plant until 2001, when he was promoted to Regional Director Asia-Africa. In 2003 he was appointed Engineering Director of the Cool Operations and during 2004 he served as the Nigerian Operations Director. Since 2005 he has been responsible for Corporate Development and Strategy.
He holds a B.Sc(Hons) in Electrical Engineering & Electronics from UMIST (UK) and a MBA from Manchester Business School. Petros commenced his professional career with Procter & Gamble (HABC) in the UK, in 1991.
Mr. Harry David, Chairman of the Board of Directors, commented: Over the past few years Dimitris Lois has led the team that has evolved Frigoglass into the global market leader in Ice-Cold Merchandising. During his tenure, the organisation has grown significantly, establishing and consolidating core strengths, as well as formulating and executing clear strategies. These have seen the Company successfully diversify its customer base, as well as enter new, exciting geographies, the most recent being China. Dimitris leaves this Company in a very healthy position, and we, the Board, wholeheartedly thank him for his all-encompassing contribution and wish him the very best in his future career.
Mr. David added: Furthermore, I am delighted that Petros Diamantides has joined our Board as the Managing Director. Petros has worked closely with Dimitris for many years, particularly in his most recent role, where he has contributed significantly to the rapid international growth of the business. We look forward to Petros leading the strong existing management team to further successes in the future.