Kesko to sell its Yamarin boat business and Yamaha representation in Finland
KESKO PRESS RELEASE 19.12.2016 AT 14.30 1(2)
Kesko to sell its Yamarin boat business and Yamaha representation in Finland
Konekesko Ltd, part of Kesko Group, has made an agreement to sell its Yamarin boat business to Inha Works Ltd, a subsidiary owned by Yamaha Motor Europe N.V. The representation of Yamaha's recreational machinery in Finland transfers From Konekesko Ltd to Yamaha Motor Europe N.V.
Kesko's strategic objective is growth in the Finnish grocery trade, the building and technical trade and the car trade.
Yamaha Motor Europe N.V. will establish a country office of its own in Finland to be responsible for the sales and marketing and after sales services of Yamaha products and selected boat brands.
"I'm very pleased that the manufacture of Yamarin boats and the import of Yamaha's recreational machinery will continue in the ownership of our long-standing partner Yamaha Motor Europe. We see that this transaction provides the Finnish Yamarin with the best possible opportunities to progress and grow in both the national and the export market," says Antti Meriläinen, Senior Vice President, agricultural and machinery trade.
The sale includes Konekesko Ltd's Yamarin boat business, the import of Yamaha products and the representations of certain other brands. In 2015, the aggregate pro forma net sales of the operations being sold were €65 million. The parties have agreed that the transaction price is not disclosed. The people working in the businesses being disposed of will transfer to the employment of the new operators under their existing contracts in connection with the transaction.
The completion of the transaction is subject to the approval of the Finnish Competition and Consumer Authority (FCCA) and the fulfilment of the other terms and conditions of the transaction. The transaction is expected to be completed during the first half of 2017.
Further information:
Antti Meriläinen, SVP, Kesko's agricultural and machinery trade, antti.jo.merilainen@kesko.fi, tel. +358 105 320 492
Riikka Toivonen, Head of Financial Communications, riikka.toivonen@kesko.fi, tel. +358 105 323 495
Juha Lehtola, President, Buster Boats - Inha Works Ltd., Juha.Lehtola@busterboats.com, tel. +358 40 550 0624
Remko Visser, Department Manager Sales & Marketing, Marine Division, Yamaha Motor Europe N.V., remko.visser@yamaha-motor.nl, tel. +31 653 527 241
Kesko and K-retailers form the K-Group, whose sales total over €13 billion. The K-Group is the third largest retail operator in northern Europe and it employs approximately 45,000 people. Kesko operates in the grocery trade, the building and technical trade and the car trade. Its divisions and chains act in close cooperation with retailer entrepreneurs and other partners. Kesko's net sales are €10 billion and it employs approximately 30,000 people. Kesko has over 1,500 stores engaged in chain operations in Finland, Sweden, Norway, Estonia, Latvia, Lithuania, Russia, Belarus and Poland. Kesko is a listed company and its shares are listed on Nasdaq Helsinki. The company's domicile and main premises are in Helsinki. Kesko is the world's most sustainable trading sector company (The Global 100 Most Sustainable Corporations in the World). www.kesko.fi
Yamaha Motor Europe (www.yamaha-motor.eu) based in Amsterdam (the Netherlands) is a full subsidiary of Yamaha Motor Company Limited, Japan, a global leader in the manufacturing and sales of Outboard Motors, Personal Water Craft and other recreational craft (Power Two Wheelers, Golf cars and All-terrain vehicles). In Europe, Yamaha is market leader for Outboard Motors, providing a wide range of models from 2.5 to 350 Horsepower.
Buster Boats, Inha Works Ltd, (www.busterboats.fi) is the largest aluminum boats manufacturer in Europe and one of the leading companies in the Nordic recreational boats market. The Company has a product offering consisting of Buster branded, multi-purpose aluminum boats. Buster key markets consist of Finland, Sweden, Norway and Russia. Inha Works' factory is located in Ähtäri and its head office and product development are in Raisio.
