Zaandam, The Netherlands, June 4, 2003 - Ahold today announced the divestment of its Dutch candy store chain Jamin Winkelbedrijf B.V. Through a management buy-out, Jamin's current executive team will continue to run the company as an independent entity. The transaction sum was not disclosed. The trade unions were recently informed and are expected to give a positive answer with respect to the transaction shortly. The works council of Jamin has given its positive advice. The transaction is expected to close in the second quarter of 2003.
The transaction includes all five Jamin chain stores and their inventory, stock and debtors. The 137 franchise stores will also continue to conduct their business with Jamin. All 60 associates currently working for Jamin will continue to work for the company. It will also be business as usual at Jamin's head office in the southern Netherlands as well as at the distribution center. Customers will not notice a significant change, as the company will continue to operate under the same brand name and offer its current range of quality confectionery - some 300 popular pick and mix candy items, ice cream and chocolate delicacies.
Jamin has been part of Ahold's Dutch store portfolio since 1993. The planned divestment of the subsidiary is part of Ahold's strategic plan to restructure its portfolio to focus on core activities and to concentrate on its mature and most stable markets. Ahold believes Jamin will grow stronger within an environment specialized in quality confectionery.
