Kesko Corporation's Annual General Meeting on 4 April 2011: President and CEO Matti Halmesmäki announces Kesko's plan for major expansion of operations in Russia
(Thomson Reuters ONE) -
KESKO CORPORATION STOCK EXCHANGE RELEASE 04.04.2011 AT 13.00 1(2)
Kesko Corporation's Annual General Meeting is taking place today, Monday 4 April
2011, in Helsinki. In his review, President and CEO Matti Halmesmäki announces
that Kesko Food will open four large-scale grocery stores in Russia in
2012-2013, two of which in the St. Petersburg area and two in the Moscow area.
"In line with Kesko's strategy, Kesko and the K-Group want to maintain their
position as the largest trading group in Finland, and to grow faster than the
market in all divisions. Kesko will expand the operations of its selected
divisions in the Nordic and Baltic countries, and especially in the large and
fast growing Russian market," says Kesko's President and CEO Matti Halmesmäki in
his presentation at the General Meeting.
Kesko Food's objective is to achieve ?500 million in net sales and a positive
operating result in Russia by 2015. The capital expenditure is estimated at ?300
million in 2011-2015. At the same time with new construction, Kesko Food will
continue to explore business acquisition opportunities in both St. Petersburg
and Moscow.
Rautakesko operates 12 K-rauta stores in Russia, nine of which are located in
St. Petersburg and three in the nearby areas of Moscow. In 2010, net sales from
Russia were ?204 million, showing a 20.5% increase on the previous year. At the
end of the year, the personnel numbered 1,661.
Three K-rauta stores are being built, one of which will open in St. Petersburg
in April and two in Moscow in late 2011. In addition, ten new K-rauta stores are
planned to be opened in 2012-2015. Rautakesko's objective is to achieve ?800
million in net sales by the end of 2015. The capital expenditure is estimated at
some ?300 million.
Kesko Food's and Rautakesko's store site cooperation generates synergy benefits.
In the sports trade, expansion into the Baltic and Russian markets is explored
in cooperation with the international Intersport chain.
Further information:
President and CEO Matti Halmesmäki, Kesko Corporation, tel. +358 1053 22201
President Terho Kalliokoski, Kesko Food Ltd, tel. +358 1053 22204
President Jari Lind, Rautakesko Ltd, tel. +358 1053 20200
Kesko Corporation
Merja Haverinen
Senior Vice President, Corporate Communications and Responsibility
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Source: Kesko Oyj via Thomson Reuters ONE
[HUG#1503051]
Unternehmensinformation / Kurzprofil:
Datum: 04.04.2011 - 12:00 Uhr
Sprache: Deutsch
News-ID 53118
Anzahl Zeichen: 3266
contact information:
Town:
Kesko
Kategorie:
Business News
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