Neste Oil signs agreement to sell its retail stations in Poland to Shell
(Thomson Reuters ONE) -
Neste Oil Corporation
Press release
13 Dec 2012 at 3.00 pm (EET)
Neste Oil signs agreement to sell its retail stations in Poland to Shell
Neste Oil and Shell have signed an agreement that Shell Polska SP. Z O.O. will
buy Neste Oil's station network (Neste Polska SP. Z O.O.) in Poland. The
agreement covers 105 sites, all of which are unmanned and located in major
cities, as well as Neste Polska's 25 employees, who will transfer to Shell.
Neste Polska had net sales of approx. EUR 250 million in 2011. The transaction
is subject to the approval of the local competition authorities, and is expected
to be closed during the first half of 2013.
The transaction is valued at approximately EUR 80 million, of which around EUR
50 million will be recorded as a capital gain by Neste Oil. The sale will also
have a clear positive impact on Neste Oil's cash flow.
"Our aim is always to be among the top three in all our retail markets, and
unfortunately we never succeeded in reaching this nationwide in Poland," says
Sakari Toivola, Neste Oil's Executive Vice President, Oil Retail. "The financial
performance of Neste Polska was also below our expectations. Together, these
factors led to our decision to sell Neste Polska, and end our more than 20-year
retail presence in Poland."
Neste Oil Corporation
Osmo Kammonen
Senior Vice President, Communications, Marketing and Public Affairs
Further information:
Sakari Toivola, Executive Vice President, Oil Retail, tel. +358 10 458 4450
Neste Oil in brief
Neste Oil Corporation is a refining and marketing company concentrating on low-
emission, high-quality traffic fuels. The company produces a comprehensive range
of major petroleum products and is the world's leading supplier of renewable
diesel. Neste Oil had net sales of EUR 15.4 billion in 2011 and employs around
5,000 people, and is listed on NASDAQ OMX Helsinki. www.nesteoil.com
Oil Retail in brief
Neste Oil's Oil Retail business area operates a network of 1,145 stations and
acts as a key marketing channel for Neste Oil's premium-quality, low-emission
products. Oil Retail's goal is to be the leader in its selected markets, and is
a major marketer and supplier of petroleum products in Finland, Northwest
Russia, Estonia, Latvia, Lithuania and Poland.
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Source: Neste Oil Oyj via Thomson Reuters ONE
[HUG#1664703]
Unternehmensinformation / Kurzprofil:
Datum: 13.12.2012 - 14:00 Uhr
Sprache: Deutsch
News-ID 212587
Anzahl Zeichen: 3119
contact information:
Town:
Espoo
Kategorie:
Business News
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"Neste Oil signs agreement to sell its retail stations in Poland to Shell"
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