Florida Tile Confirms Progress, Endorses Team, Appoints New CEO

The Board of Directors of Florida Tile today confirmed that recent investments in people, products and physical assets have generated significant progress toward realizing the strategy of Florida Tile – to be the most recognized and valuable brand in the mid- to high-end segments of the North American tile and stone market.

The Board expressed appreciation to all employees for their dedicated efforts to achieve improved results and stability during the recently completed reorganization, specifically acknowledging the senior leadership team of Massimo Barbari, Bernie Schwartz, Luca Setti and Andrea Zanni. The Board also re-affirmed its trust in each of these individuals and endorsed them as key contributors to the future of the organization.

Combining highly rated tile quality, availability, ease of doing business, new products and domestic production, Florida Tile is ready to meet the needs of the market by offering the best products and value for commercial and residential applications.

Confident about the future of the company and committing to development of the North American market as a centerpiece of its globalization plan, Emilio Mussini, President of Panariagroup Industrie Ceramiche S.p.A., and Giuliano Pini, Panariagroup CEO, today made an important organizational announcement to support the long-term strategy of Florida Tile.

Effective immediately, Michael Franceschelli is appointed as Florida Tile, Inc. Chief Executive Officer and as a member of its Board of Directors. He will report to the President of Panariagroup and to the Panariagroup CEO.

Franceschelli, globally experienced, with a successful background in the commercial vehicle industry in private and public companies, has had progressive senior management roles at Alco Equipment (originator of the FleetPride name) and at ArvinMeritor. He is responsible for driving company strategy through investments in research and technology, and through commitment to customers, employees and suppliers.

The Board of Directors also made another important announcement by promoting Andrea Zanni to Chief Operating Officer and CFO. As Vice President, he has successfully coordinated the operations through 2009.

Reporting to Franceschelli and continuing to serve on the Executive Committee are:

Massimo Barbari, Executive Vice President Sales and Marketing

Bernie Schwartz, Executive Vice President Manufacturing

Luca Setti, Senior Executive Vice President Branch Sales and Organization

Andrea Zanni, Chief Operating Officer and CFO

Barbari will continue to be responsible for distributor sales growth, business development, marketing and new product development. Reporting to Barbari are:

• Canadian Sales Representative
• Customer Service Manager
• Director of Business Development
• Director of Marketing
• Director of Quality Assurance
• Director of Sales, Independent Channel
• Manager of Sales Administration

Schwartz remains responsible for manufacturing, research and development and continuous improvement in production capabilities. Reporting to Schwartz are:

• Director of Manufacturing
• Environmental, Compliance and Safety
• Manufacturing Manager
• Plant Engineering and Maintenance
• Research and Development

Setti will continue to be responsible for branch sales and profit growth and for all operational aspects of the branch organization. Reporting to Setti are:

• Branch Analyst
• District Manager Colorado
• District Manager West Coast
• Regional Branch Manager Mid-Atlantic and Midwest
• Regional Branch Manager Southeast

Zanni remains responsible for all financial activities of the company, and as COO is responsible for human resources, information technology, the national distribution center, real estate and product supply. Reporting to Zanni are:

• Corporate Controller
• Director of Human Resources
• Director of Information Technology
• Director of Product Supply and Inventory Planning
• Logistics Director
• Real Estate Director

Florida Tile is a leading ceramic tile manufacturer and distributor serving the mid- to high-end segment of the North American Market. With its state-of-the-art production site, its national distribution center, 21 directly owned branches and a network of strong distribution partners, Florida Tile is one of the most important companies in the North American building materials industry.

Florida Tile is a wholly owned subsidiary of Panariagroup Industrie Ceramiche S.p.A., a public company on the Milan stock exchange (MILAN; PAN IM) and a leading manufacturer and distributor in over 100 countries around the world, through six manufacturing sites in Italy, Portugal and the USA, and through eight brands positioned in the high-end of the market. www.panariagroup.it