Avis Europe Announces the Consolidation of Its Presence in Germany
17 August 1999
Avis Europe plc Announces the Consolidation of Its Presence in the German Car Rental Market
BRACKNELL, Berkshire, England--Aug. 16, 1999--Avis Europe plc, the leading car rental company in Europe, Africa, the Middle East and Asia, today announced that it is to consolidate its position in the German car rental market through the acquisition and integration of the operations of one of its existing licensees, Autohof Bismark GmbH ("Bismark"), and a smaller associated operation. Net assets acquired total DM 8.2 million (Euro 4 million, (pound)2.7 million).These operations, which total 30 rental stations located in the area from North Rhine-Westphalia to Hamburg, are expected to increase corporate turnover in Germany by 18%.
Mark McCafferty, Chief Executive Avis Europe plc said: "This acquisition reinforces our market position in Germany and strengthens our ability to take advantage of further growth opportunities. The selective acquisition of licensees within our business is in line with our overall strategy for network development and follows the successful acquisition and integration of licensees in other markets, such as Greece."
Avis Europe is the leading car rental company across Europe, Africa, the Middle East and Asia. It serves more than seven million customers a year through a network of over 2,500 locations in over 110 countries.
Avis Europe plc rents cars under the Avis brand name to customers in 110 countries. Avis Europe's ordinary shares trade on the London Stock Exchange. Prices may be accessed on Bloomberg under the symbol AVE LN and Reuter Equities 3000 Service under AVE.L. Additional information is available on Avis Europe's internet site: www.avis-europe.com.