27 March 2025

Somero Enterprises, Inc.

("Somero" or "the Company")

Appointment of New CEO

Somero® is pleased to announce that, following an extensive selection process, Tim Averkamp has been appointed to the Board as Chief Executive Officer effective 1 April 2025.

Mr. Averkamp brings 30 years of international experience in industrial manufacturing, construction machinery, and equipment innovation. Most recently, he was Chief Operating Officer at Stoughton Trailers, LLC, one of the largest trailer manufacturers in North America, where he was responsible for leading and driving strategy for the Transport Solutions Business (Dry Van Trailers and Intermodal Chassis).

Prior to this, Mr. Averkamp served for four years as Group President at Astec Industries, Inc. (NASDAQ: ASTE), a global manufacturer of specialized infrastructure equipment. He led both the Construction Machinery Solutions and the Materials Solutions Groups which encompassed road building and paving, forestry and recycling, and aggregate processing equipment produced and sold globally. His team executed key strategies focused on operational and commercial excellence, new product development, geographic expansion and employee development, with a keen focus on serving the needs of the customer and positioning the company for long-term growth.

This followed 22 years with Deere & Company (NYSE:DE) with various leadership positions primarily within the Construction and Forestry Equipment Division. His roles included President of the Transaxle Manufacturing of America, a Joint Venture business between Deere and Yanmar/Kanzaki, Director of Business Partner Integration over Deere's JV businesses with Hitachi Construction Equipment Company and Bell Equipment, Engineering Manager, Product Marketing Manager, and other technical and commercial positions.  

Mr. Averkamp has a Bachelor of Science in Mechanical Engineering from the University of Wisconsin-Platteville and a Master of Business Administration from the University of Dubuque, Iowa.

Larry Horsch, Chairman of Somero, commented:

"Tim brings a wealth of relevant construction machinery and public markets experience. He has an exceptional track record of driving growth, commercial and operational excellence, and innovation, and his leadership qualities make him the ideal candidate to lead the Company through its next phase of growth. On behalf of the Board and the wider organization, I am pleased to welcome him to Somero."

Tim Averkamp, incoming CEO of Somero, commented:

"Somero's reputation as a leader in its field is well-established, and its long-term international growth potential is clear. I am delighted to be joining at such an important time in the Company's journey and look forward to working closely with the team and our customers, capitalizing on the opportunities ahead and further strengthening Somero's market position."

For further information, please contact: 

The following information regarding the appointment of Timothy ("Tim") Averkamp, aged 53, is disclosed under Rule 17 and Schedule 2(g) of the AIM Rules for Companies:

There are no further disclosures to be made under Rule 17 and Schedule 2(g) of the AIM Rules for Companies.

Notes to Editors

Somero Enterprises provides industry-leading concrete-levelling equipment, training, education and support to customers in over 90 countries. The Company's cutting-edge technology allows its customers to install high-quality horizontal concrete floors faster, flatter and with fewer people. Somero^® equipment that incorporates laser-technology and wide-placement methods is used to place and screed the concrete slab in all building types and has been specified for use in a wide range of commercial construction projects for numerous global blue-chip companies.

Somero pioneered the Laser Screed® market in 1986 and has maintained its market-leading position by continuing to focus on bringing new products to market and developing patent-protected proprietary designs. In addition to its products, Somero offers customers unparalleled global service, technical support, training and education, reflecting the Company's emphasis on helping its customers achieve their business and profitability goals, a key differentiator to its peers.

For more information, visit www.somero.com