KESKO CORPORATION STOCK EXCHANGE RELEASE 28.09.2006 AT 09.30
The Kesko Group structure will be reorganised by merging Keswell Ltd, the division parent company concentrating on the home and speciality goods trade, into Kesko Corporation. Keswell's subsidiaries will continue operating as independent companies owned by Kesko Corporation. The purpose of this structural rearrangement is to flatten and simplify the Kesko Group's organisational structure, to increase transparency and to improve cost-effectiveness.
The Keswell subsidiaries are Anttila Oy, Indoor Group Ltd, Intersport Finland Ltd, Musta Pörssi Ltd, Tähti Optikko Group Oy, WellStep Ltd and Academica Oy.
Keswell's current President Matti Laamanen, 58, will retire on pension at the end of this year. Kesko's President and CEO Matti Halmesmäki will act as the Chairman of Anttila Oy's Board of Directors starting from 1 January 2007. Anttila Oy's Managing Director Matti Leminen, 54, will act as the Board Chairman of the other subsidiaries engaging in the home and speciality goods trade. He has also been appointed member of Kesko's Corporate Management Board starting from 1 January 2007.
Keswell Ltd starts rationalisation negotiations concerning 42 employees in order to map out their placement possibilities.
In 2005, Keswell Ltd's net sales were €975 million. Keswell Ltd's chains currently include 510 stores. The arrangement will not affect store operations and will have no material effect on the Kesko Group's performance of the current financial period.
Kesko is the most versatile provider of trading sector services in the Baltic Sea area. In close cooperation with retailers and other partners Kesko produces retail and wholesale services that are highly valued by customers. Kesko operates in Finland, Sweden, Norway, Estonia, Latvia, Lithuania and Russia.
A photo of Matti Leminen can be downloaded from www.kesko.fi/Material > Image archive > Management.
Further information:
President Matti Laamanen, Keswell Ltd, tel. +358 1053 39100
Managing Director Matti Leminen, Anttila Oy, tel. +358 1053 40100
President Matti Laamanen, Keswell Ltd, tel. +358 1053 39100
Managing Director Matti Leminen, Anttila Oy, tel. +358 1053 40100
Kesko Corporation
Harri Utoslahti
Communications Manager
Communications Manager
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