KESKO CORPORATION STOCK EXCHANGE RELEASE 01.04.2016 AT 15.45 1(1)
Centralisation of Kesko`s Baltic building and home improvement trade in Senukai was completed
Kesko has implemented the arrangement agreed in the autumn of 2015 to centralise its Baltic building and home improvement trade in UAB Senuku Prekybos centras (Senukai). The company`s name will be changed to Kesko Senukai.
In the arrangement, Kesko sold the shares in its wholly owned companies responsible for the operations of K-rauta stores in Estonia and Latvia to its subsidiary Senukai, which is majority-owned by Kesko.
Kesko`s Group company Senukai (in the future: Kesko Senukai), the other co-owner of which is the Rakauskas family, is with its subsidiaries a clear market leader in the Baltic and Belarusian building and home improvement market with 49 own stores, 59 franchising stores and sales of €583 million.
"According to the joint view of Kesko and the Rakauskas family, the ownership arrangement enables the Baltic and Belarusian business operations to be managed as a whole and provides better opportunities to accelerate profitable growth," says Kesko`s Executive Vice President Terho Kalliokoski.
The arrangement is not expected to have a material impact on Kesko`s sales, performance or financial position in 2016. The arrangement will have no immediate impacts on employees or the operation of stores.
Kesko has previously reported about the arrangement in a stock exchange release on 4 November 2015.
Further information is available from Kesko`s Executive Vice President Terho Kalliokoski, tel. +358 105 320 200, and Chief Financial Officer Jukka Erlund, tel. +358 105 320 125.
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Source: Kesko Oyj via GlobeNewswire