SVP WORLDWIDE

December 9, 2008 - Tightening credit markets and consumer postponement have combined to cause a ripple effect that has reached the global sewing industry. Typically, the sewing, quilting, and embroidery markets have been relatively immune to recessionary periods, however, it is not the case with this recession and is possibly the beginning of a protracted period of substantial contraction.

In light of current economic conditions, SVP Worldwide, the owner of SINGER®, HUSQVARNA VIKING® and PFAFF® sewing machine brands, is beginning to implement many changes throughout its corporate family to maintain its ability to deliver outstanding value and quality to its customers, dedicated partners and loyal sewers.

Among the initiatives currently underway, SVP Worldwide is consolidating the back office operations in Westlake, Ohio and LaVergne, Tennessee into one facility in LaVergne, TN. The HUSQVARNA VIKING and PFAFF sales, marketing and education functions will remain in Westlake, OH.

The manufacturing team in Sweden is being reduced and the corporate management team is being strengthened. Don Fletcher will remain as President and will be the Chief Operating Officer (COO) of SVP Worldwide. Jim Wier has been appointed to the position of Chief Executive Officer (CEO) of SVP Worldwide. Jim is currently an operating principal with Kohlberg & Company, LLC. His past experience includes twenty five years with Briggs & Stratton Corporation. Prior to joining Kohlberg, Jim was the CEO of Simplicity Manufacturing Company, a former Kohlberg holding.

While there are uncertainties facing the global economy and consumer buying habits, SVP Worldwide remains committed to being the industry leader in bringing new sewing innovations to the marketplace, being the gateway to the world of sewing, and the provider of the worlds premier sewing machine brands.

Issued from:
SVP Worldwide Headquarters
10 Queen Street
Hamilton, Bermuda