Kesko Corporation has sold all Tähti Optikko Group Oy shares to Specsavers. The debt-free selling price is about 15 million euros. The disposal will contribute a non-recurring gain of about 8 million euros to the Kesko Group's profit from discontinued operations.
Tähti Optikko is a chain of speciality stores in the optical trade. The chain consists of 129 stores, of which 98 are run by entrepreneurs and 31 are owned by Tähti Optikko Group. In 2007, Tähti Optikko Group's net sales totalled 21 million euros, showing an increase of 7.3%. Tähti Optikko chain's retail sales were 48 million euros, up 0.6%.
Kesko pursues a strategy of focused growth, which allows for the disposal of non-core product lines on economically viable terms.
The parties of the transaction also agreed on store site cooperation and on continuing the Plussa customer loyalty programme.
Further information:
Matti Leminen, President, Anttila Oy, tel. +358 1053 40100
Rainer Nyman, President, Tähti Optikko Group Oy, tel. +358 400 455 758
Matti Leminen, President, Anttila Oy, tel. +358 1053 40100
Rainer Nyman, President, Tähti Optikko Group Oy, tel. +358 400 455 758
Kesko (www.kesko.fi) is a Finnish retail specialist whose stores offer quality to the daily lives of consumers through valued products and services at competitive prices. Kesko has about 2,000 stores engaged in chain operations in the Nordic and Baltic countries, and Russia
Specsavers Optical Group is the world's largest privately owned optical group. Its highly successful brand concept combines quality eyecare with affordable fashion. The company is expanding across the globe and has more than a 1000 stores in the UK, Republic of Ireland, Netherlands, Spain, Australia, Sweden, Norway, Denmark and Finland. Opticians Doug and Mary Perkins founded the company in 1984, and it remains a family run business today. Last year the estimated turnover of the group was 1,65 billion euros. Specsavers launched in Finland in July 2007, and has already achieved an estimated 10% market share in terms of volume with 19 Finnish stores.