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2009-09-24 16:30:00 CEST 2009-09-24 16:30:01 CEST REGULATED INFORMATION Wulff-Yhtiöt Oyj - Company AnnouncementWULFF-GROUP PLC FOCUSES ITS OPERATIONS IN LINE WITH THE COMPANY STRATEGY AND DIVESTS EVERYMAN OY AND OFFICEMAN OYWULFF-GROUP PLC STOCK EXCHANGE RELEASE 24 September 2009, 5.30 p.m WULFF-GROUP PLC FOCUSES ITS OPERATIONS IN LINE WITH THE COMPANY STRATEGY AND DIVESTS EVERYMAN OY AND OFFICEMAN OY Wulff-Group Plc has today divested its shares in Everyman Oy and Officeman Oy, two companies in which it had a 70% holding, to the minority shareholders. The price of the transactions totals EUR 280,000 and will be settled in cash. Wulff-Group Plc will recognise a EUR 300,000 sale loss for the transactions in the company's third-quarter results. The divested companies have accounted for some 4% of Wulff-Group's net sales and balance sheet total. Everyman Oy and Officeman Oy sell office supplies and certain consumer products to retailers and also use the direct sales concept. The companies have 27 employees and their unaudited net sales for the first six months in 2009 totalled EUR 1.4 million, while their earnings were some EUR 0.1 million negative. The divestment complies with the strategy of Wulff-Group Plc's Direct Sales Division, according to which the company focuses on product sales, acting as an efficient and direct supply channel. Retail sales and consumer products do not belong to the core operations of Wulff's direct sales. The Direct Sales Division acquires nearly all of its products straight from the manufacturers and sells them directly to end users. Heikki Vienola, CEO of Wulff-Group Plc: “We want to develop our operations and be a pioneer in the field. Our goal is to provide customers with solutions that are specific to this sector and offer them as much added value as possible. This calls for good management, as well as a focus on core business and its development. The operations of Everyman Oy and Officeman Oy no longer supported our core operations. The divestment complies with our strategy.” Wulff-Group Plc is the Finnish market leader in office supplies. Its acquisition of Strålfors Supplies AB in July made it the biggest Nordic player in the field. The Strålfors Supplies AB acquisition will increase Wulff-Group Plc's annual net sales by some 40%. It also gives a competitive advantage, enabling Wulff-Group Plc to develop its contract customer concept for major Scandinavian customers. WULFF-GROUP PLC www.wulff.fi Further information: Heikki Vienola, CEO tel. +358 (0)9 5259 0050 or +358 (0)50 65 110 email heikki.vienola@wulff.fi Distribution: NASDAQ OMX Helsinki Key media www.wulff.fi |
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