Hagemeyer announces sale of non core automotive activities
22 March 2000
Hagemeyer announces sale of non core automotive activities
NAARDEN, The Netherlands--March 22, 2000-- Hagemeyer announces the sale of its non core automotive activities of A.R.M.-Stokvis B.V, comprising the Cars, Leasing & Finance, Equipment and Parts divisions, to the Kroymans group of the Netherlands. The transaction is expected to be finalised within the next few weeks. The activities of the Kroymans group include car import and distribution and offer an excellent fit with respect to market approach and dealer networks. No redundancies are expected as a result of this acquisition. Together with the sale earlier this year of the group's interest in the Dutch Avis operations and the Renault Truck activities, all of Hagemeyer's automotive activities have now been sold.Consistent with Hagemeyer's strategy of focusing on business to business distribution and service activities the sale of the lifestyle companies Pollyconcept and Case Logic is progressing. It is anticipated that the sale of these companies will be completed by the end of the first half of 2000. Total proceeds of the three transactions, which are estimated will be in excess of E 500 million, will be reinvested in the further expansion of Hagemeyer's core PPS activities.
Naarden, March 22, 2000 HAGEMEYER N.V. Board of Management