Oriola-KD and Kesko to establish a chain of health, beauty and wellbeing stores across Finland
13 Mars 2017 - 8:00AM
Oriola-KD Corporation Stock Exchange Release
13.3.2017 at 09.00
Oriola-KD and Kesko to establish
a chain of health, beauty and wellbeing stores across
Finland
Oriola-KD Corporation and Kesko
Corporation start building a completely new kind of store chain in
Finland, specialising in comprehensive wellbeing. Companies have
signed an agreement to establish a joint venture company. The first
phase objective is to build a chain of 100 stores and an online
store. In estimation 1000 new jobs will be created. First stores
and the online store will be opened during the fall 2017. The plan
is to expand the business to include pharmaceuticals if the
legislation is amended.
Both parties to the agreement will have a 50 per
cent ownership interest in the new company to be established. In
the first phase, Oriola-KD and Kesko will make a total investment
of approximately EUR 25 million in the new company to be
established. The first comprehensive wellbeing stores and the
online store will be opened in autumn 2017, and the target is to
open a total of 15 stores by the end of the year. In the first
phase, the aim is to build a chain of 100 stores.
The establishment of the joint venture company is
subject to the approval of the competition authorities. The
handling of the matter is expected to be completed no later than
the third quarter of 2017.
"In the joint venture, two strong and responsible
Finnish operators combine their forces. Kesko has extensive
experience in the grocery trade and a strong K consumer brand.
Oriola-KD, for its part, is a highly valued distributor of health
and wellbeing products and an expert in the pharmaceutical sector.
Together with another Finnish, responsible company we will start
building a leading health, beauty and wellbeing chain in which
Finnish people trust. Our plan is, as legislation permits, to
expand the business into selling pharmaceuticals, without
compromising on pharmaceutical safety, but emphasizing service and
expertise. The new store chain is estimated to create 1,000 new
jobs across Finland," says Eero Hautaniemi, President and CEO of
Oriola-KD.
A briefing in Finnish today at
13.00
Kesko and Oriola-KD will hold a
briefing today, Monday, 13 March 2017 at 13.00 at the Hotel Haven,
Unioninkatu 17, Helsinki.
Further information:
Eero Hautaniemi, President and CEO, tel. +358
(0)10 429 2109
e-mail: eero.hautaniemi@oriola.com
Terhi Kivinen, Group Communications Director, tel.
+ 358 40 8484001, e-mail: terhi.kivinen@oriola.com
Oriola-KD Corporation
Distribution
Nasdaq Helsinki Ltd
Key media
www.Oriola-KD.com
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Oriola-KD Oyj via Globenewswire
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