Der Kaindl kann's mit deutschem Partner

Article Abstract:

A stake in the Austrian household goods trader Kaindl, which is in financial difficulties, is to be sold to the German purchasing co-operative EK Bielefeld. A letter of intent was signed on 1 September 1998. The Kaindl family wants to retain at least 25% in the company. Of the remaining shares, one quarter is to be taken by EK Bielefeld, 60% by the venture-capital company Unternehmen Invest AG (UIAG) and 15% by the consulting company Elias Management und Beratungs GmbH. UIAG is to sell its stake in five to seven years; the other two partners have a right of pre-emption. The new partners are to bring Sch 70mn of new capital to the company. Kaindl is to restructure business. It wants to give up retail activities in the sectors of electronics, gardening supplies and leisure goods while the household convenience sector (cutlery, tableware, domestic textiles, small domestic appliances, tools) is to be developed. The number of articles is to be cut from 11,000 to 4,000. While unprofitable outlets are to be closed, the number of outlets is to be increased from 34 to 52 by 2001. Profits are planned for 2001 on a turnover of Sch 1.1bn.

Comment:

Stake in Austrian household goods trader is to be sold to German purchasing co-operative EK Bielefeld

Household Appliance Stores, Appliance stores, Article, Kaindl

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INDIA: MAYR-MELNHOF NOT TO GIVE UP SERVALL

Article Abstract:

Mayr-Melnhof Karton AG rejected reports according to which it is to give up its 25% stake in the Indian board producer Servall Engineering Industries Ltd. India's biggest paper maker Ballapur was said to be interested in the stake. The Austrian company has said that the majority owner of Servall, the Ramaswamy family, is negotiating about a sale to Ballapur.

Paperboard Mills, Paperboard, Paper products industry, Mayr-Melnhof Karton AG, Servall Engineering Industries Ltd.

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