Tengelmann sells Plus Czech Republic to Rewe Group
3.03.2008, 16:36
Mülheim an der Ruhr (Germany) March 3 (PROTEXT/ots) - As part of theinitiated strategic process the Tengelmann Group has made a decision withrespect to its subsidiary of Plus Warenhandelsgesellschaft mbH in the CzechRepublic. "After intense evaluation of all options we have decided to sellthe subsidiary to the international retail company Rewe Group. I firmlybelieve that our stores and employees will be in best of hands," explainsKarl-Erivan W. Haub, Managing Partner and CEO of the Tengelmann Group.
Plus has been in the Czech Republic since 1992 and currently operates 146stores there. With approx. 2,300 employees, the company achieved overallsales of EUR 520 million.
The Rewe Group plans to merge Plus and Penny together in the CzechRepublic, thereby creating the number one discount retailer in the Czechmarket with around EUR 1 billion in sales, about 300 stores and approx.4,000 employees. Implementation of the merger is still subject to antitrustapproval.
The Tengelmann Group is an international trading group whose subsidiariesinclude Plus, OBI, KiK, Kaiser’s Tengelmann and A & P. The family businesswas founded in 1867 in Mülheim an der Ruhr and is now managed by the 5thsuccessive generation. With 8,056 branches and 151,753 employees in 15countries, in its 2006/2007 financial year the Group achieved salestotaling EUR 24.52 billion.
Page 2 of the press release "Tengelmann sells Plus Czech Republic to ReweGroup"
The Tengelmann Group was advised by Alegro Capital in this transaction.
Press contact:
Unternehmensgruppe Tengelmann
Pressestelle
Wissollstrase 5-43
45478 Mülheim an der Ruhr
Tel.: +49 (0) 208/58 06-7603/7604
Fax: +49 (0) 208/58 06-7605
E-mail: public-relations@uz.tengelmann.de
Internet: http://www.tengelmann.de
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